2010 (4) TMI 1027

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.... In this appeal, the revenue has challenged the impugned order of the ld CIT(A)-XII, Mumbai dated 27.2.2009 for the assessment year 2006-07. 2 The revenue has taken the following effective grounds: i) On the facts and circumstances of the case and in law, whether the ld CIT(A) is right in directing the AO to tax the rental income at Rs. 4,59,81,702/- as income from the business instead of ....

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....developer and derived rental income. During the course of assessment proceedings, it was noticed by the AO that the assessee declared receipt of Rs. 4.59 crores under the head 'rental income' and the same has been claimed as 'income from house property.' The assessee had also claimed deduction towards municipal tax and maintenance charges and 30% towards repairs u/s 24 and also amount of interest ....

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....copy of the order of the Tribunal for AY 2002-03 to 2004-05 in assessee's own case decided in ITA Nos. 5232 to 5234/Mum/07 dated 26.2.2009 and submitted that in subsequent years also the Tribunal has held that rental income has to be assessed as income from the house property and the appeal filed by the revenue for the above referred three years have been dismissed by the Honble Bombay High Court.....

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....8.1 The ld counsel of the assessee submitted that the assessee had claimed deduction in respect of the interest on the borrowed capital. It is argued that in the P&L account, the assessee had debited interest of Rs. 69,77,030/- and in the computation statement, the assessee had claimed the said deduction when the rental income is determined under the head 'income from house property'. The ld Couns....