2017 (8) TMI 295

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....the Respondent ORDER PER COURT : 1] These appeals pertain to Assessment Years 2001-02, 2002-03, 2004-05, 2005-06, 2006-07 and 2009-10. 2] The Assessing Officer held the income, received by the Assessee, as a income from house property. In appeal by the Assessee, the CIT held the income to be a business income. The said finding is confirmed by the Tribunal in appeal. Aggrieved thereby t....

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....at the same to be a business income. According to the learned counsel, the Tribunal was not justified in ignoring the settled position of law that where the main intention is to simply let out the property or any part of it, the resultant income must be assessed as income from house property and the amenities such as electricity, cooling towers, elevators and car parking provided by the Assessee t....

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....nseparable. 6] The learned counsel relies on the judgment of the Apex Court in case of M/s. Chennai Properties and Investments Ltd. vs. Commissioner of Income Tax, reported in [2015] 373 ITR 673 (SC) and the order of this Court in Income Tax Appeal No.149 of 2015, dated 18th July, 2017. 7] The Assessee is a Private Limited Company engaged in the business of buying properties on ownership or ....

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....isitors and the said services and amenities provided by the Assessee are inseparable and are provided along with the building. 8] Both the authorities have concurrently observed that the basic intention of the Assessee was commercial exploitation of its properties by developing them as shopping malls/business centers and therefore, income derived there from is assessable as business income. ....