2012 (4) TMI 654

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....ndent: Shri Tushar P. Hemani O R D E R PER G.C. GUPTA, VICE-PRESIDENT: This is Revenue's appeal and assessee's CO directed against the order of the Commissioner of Income Tax (Appeals)-III, Surat dated 12.1.2009 for assessment year 2005-2006. They are being disposed of with this consolidated order. ITA No.976/Ahd/2009 (Revenue's appeal) 2. The grounds raised by the Revenue in this appeal rea....

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....he head "Business Income" or "Income from house property" has arisen. He submitted that the assessee is in the business of developing, operating and maintaining infrastructure for industries and installation of the machines to take care of the manufacturing process, and has provided services along with premises to five parties. He submitted that number of facilities such as, air conditioning, Hous....

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....have also perused the copy of the joint business agreement between the assessee and the Poonam Diamond, English transaction whereof has been filed in the compilation by the assessee. We find that the assessee has agreed to provide space for diamond business and also provided infrastructure facilities like electrical installation, canteens, house keeping, security etc. Clause-3 of the agreement pro....

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....ase, we hold that there is no mistake in the order of the learned CIT(A) in holding that even applying ratio of Shambhu Investment (supra) the income of the appellant is to be assessed as business income since the intention of the appellant is to exploit property commercially. Accordingly, the order of the CIT(A) on this issue is confirmed and the grounds of the Revenue are dismissed. CO. No.92/....