TaxTMI 
TaxTMI 
2016 (7) TMI 1447
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....ned issue is covered by the decision of the Tribunal in the case of assessee itself (ITA No.1166/Mum/2011) assessment year 2007-08 order dated 02.04.2014 and ITA No. 5852/Mum/2009 for Assessment year 2005-06 order dated 03.06.2011. This factual matrix was not controverted by the learned D.R., Shri Kailash Konojiya. 2.1 We have considered the rival submissions and perused the material available on record. In view of the above we reproducing hereunder the relevant portion from the aforesaid order of the Tribunal dated 02.04.2014 (ITA No. 1166/Mum/2011 for Assessment year 2007-08) for ready reference and analysis: - "Challenging the order dt. 30.11 .20 10 of the CIT(A)-9,Mumbai, Assessing officer (AO) has raised following Grounds of Appeal:....
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....self was the business of the assessee-company and was congruent with the object clause in the Memorandum of Association of the company, that income should be charged under the head income from business, that the Tribunal in the assessee's own case had decided the issue in favour of the assessee in ITA No.2328/ Muni/2004 for AY. 1997-98 and in 1TA No.3464/M/05 for AY.2001-02, vide order dated 29.02.2008. However, the AO relying upon the decision of the Hon'ble Supreme Court delivered in the case of Shamboo Investment Pvt. Ltd.(263ITR143),held that income in respect of the premises owned by the assessee, was to be assessed under the head "income from house property". After allowing deduction u/s. 24 in respect of repairs and finance c....
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....ciation and other expenses since he held that rental receipts from the building are required to be taxed under the head "Income from house Property". Since, I held that rent receipts are required to be taxed under the head business income these expenses as well as depreciation is required to allowed. Accordingly, these grounds of appeal are allowed." 2.4 Since the issue involved is covered by the order of CIT(A) and jurisdictional ITAT in favour of the appellant and the facts of this year are similar to the facts of the earlier years. Therefore, the Assessing Officer is directed to assess the rental income as income under the head business income and allow the expenses as well as depreciation as per past history of the case." 4. During ....