TaxTMI 
TaxTMI 
2014 (4) TMI 1218
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....Mumbai, Assessing officer (AO) has raised following Grounds of Appeal : "1.Whether on facts and in the circumstances of the case and in law the ld. CIT(A) has erred in holding the rental income of Rs. 2,20,33,759/- should be treated as Business income". 2.On facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in holding that rental expenses of Rs. 2,20,33,795/- and deprec....
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....93/-, that net profit had been arrived at Rs. 81,67,346/-,that the assessee company had claimed lease rent as business income.He asked the assessee ,vide questionnaire dated 17.09.2008,to explain as to why the rental income from property should not be treated as 'Income from House Property'.In response,it was submitted that the leasing of property itself was the business of the assesseecompany and....
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....511/-.Vide his order dated 18.12.2008 passed u/s.143(3) of the Act,he completed the assessment on a total income of Nil after allowing set off of unabsorbed depreciation of Rs. 1,66,97,023/-. 3.Against the order of the AO,assessee-company preferred an appeal before the First Appeal Authority(FAA).After considering the submissions of the assessee and the assessment order he held as under : 2.3 Th....
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....essment order the Assessing Officer has not allowed expenses of Rs. 49,06,358/- and depreciation of Rs. 68,81,881/- on building and depreciation on furniture amounting to Rs. 2,92,390/-. The Assessing Officer has not allowed depreciation 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 r....