2017 (8) TMI 193

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....dvocate for the Respondent ORDER P. C. 1 The present appeals are for Assessment Year 2007-08 and 2008-09. 2 The Revenue has raised following questions in the present appeal : 1. Whether on the facts and in the circumstances of the case and in law, the Hon'ble ITAT was justified in treating the receipts from the lease of its hotel as business income ignoring the primary fact that....

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....ncerned, it is dependent upon Question No.1. 5 As far as Question No.1 is concerned, Mr.Pinto, the learned counsel for the appellant strenuously contends that whether a particular income is an income from house property or a business income, would depend upon facts and circumstances of each case. The learned counsel submits that the agreement has to be looked into. The business of the responden....

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....ome from house property. 6 The learned counsel for the respondent supports the order. 7 It has been observed that the business was handed over by the respondent assessee to KHIL in the year 1994 and since the assessment year 1995-96 till the assessment year 2005-06, the income from the same was assessed as a business income. The assessment for the year 1995-96 was completed under Section 143....