2018 (12) TMI 656

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....; P.C.: 1. This Appeal under Section 260A of the Income Tax Act, 1961 (the Act), challenges the order dated 14th August, 2015 passed by the Income Tax Appellate Tribunal (the Tribunal). This Appeal relates to Assessment Year 2009-10. 2. The Revenue urges the following question of law for our consideration: "1. Whether, on the facts and circumstances of the case and in law the Hon'ble Tribu....

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....t assessment year the respondent offered its income on the above account under the head of income from business or profession. However, the Assessing Officer did not accept it and treated the income therefrom as "Income from house property". 4. Being aggrieved, the respondent filed an appeal to the Commissioner of Income Tax (Appeals) (CIT(A)). However, appeal of the respondent was dismissed on 1....

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....etermining factor to decide the nature of income. On the above basis, it concluded that it is business income. In case of Chennai Properties & Investment Limited (supra) the object of the Assessee therein was to acquire properties and let out the same. In above view the appeal of the respondent was allowed and held that the income from letting out of business premises was taxable under the head bu....