2017 (7) TMI 739

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.... Kanga and Co. for the Respondent. ORDER PER COURT 1] The present appeal pertains to Assessment Year 2007-08. 2] The present appeal is filed on following substantial questions of law; "A. Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in directing the Assessing Officer to assess income from hoarding charges, compensation, lease rent,....

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....e of silver cannot be said to be business income, as it was solitary transaction. The solitary entry of sale and purchase of silver is nothing but camouflage and further the sale is to sister concern. The learned counsel submits that the long term lease is given to various parties for erecting towers. The same is for a period of three to fifteen years. As such, it has to be held to be house rent. ....

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....olitary transaction can amount to business transaction. The attending circumstances are writ large to come to the conclusion that the sale of a flat along with construction permission of the project is a business income. 5] We have heard the learned counsel for the Respondent also. 6] As far as the flat is concerned, the same is acquired in the year 1941 and was held as such since then. It a....