2013 (5) TMI 995

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....hearing, the ld. A.R of the assessee submitted that same issue had come up before the Tribunal in Revenue's appeals for assessment years 2004-05, 2005-06 and 2007-08 in I.T.A.Nos. 1039 to 1041/Mds/2011, and the Tribunal vide its order dated 31.10.2012, decided the issue in favour of the assessee. 3. Ld. DR fairly agreed that the issue stood covered in favour of the assessee. 4. We find that in its order dated 31.10.2012, in assessee's own case in I.T.A.Nos.1039 to 1041/Mds/2011, the Co-ordinate Bench has held at para Nos. 9 & 10 as under: "9. We have heard the submissions made by both the parties. We have also gone through the orders of the authorities below and the judgements/orders relied on by the respective parties. The l....

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....r the assessee had made a statement at the Bar that since the time of incorporation in the year 1986, the assessee has been filing its return of the income by treating the income earned from letting of warehouses and godowns under the head "Income from Business" and the same has been accepted by the Department. It was only in the three assessment years i.e. 2004-05 and 2005-06 and 2007-08 that the Revenue has challenged the head of income. 10. The D.R. has relied on the judgement of the Hon'ble Madras High Court in the case of Keyaram Hotels (P)Ltd., (supra) and Chennai Properties and Investments Ltd. (supra) to buttress his argument that where assessee leased out buildings and realized income by way of rent, such rental income is ....

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.... to the main business of the assessee of carrying out warehousing activities. The Hon'ble High Court remanded the matter back to the Tribunal to consider this aspect of the case. In the instant case, a perusal of the profit and loss account of the assessee company and the Object Clause of the Memorandum of Association of the company clearly show that the assessee company was incorporated with an object of carrying on the business of warehousing and letting/renting of godowns and providing facilities for storage of articles or things and descriptions whatsoever. The profit and loss account of the assessee company shows that its main source of income is storage charges and maintenance or user charges. Even substantial part of the exp....