2017 (12) TMI 1779

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....umar, Ld. Sr.DR ORDER Per Manoj Kumar Aggarwal (Accountant Member) 1. The captioned appeal by revenue for Assessment Year [AY] 2012- 13 contest the order of the Ld. Commissioner of Income-Tax (Appeals)-9 [CIT(A)], Mumbai, Appeal No.CIT(A)-9/Cir.4/414/2014-15 dated 16/10/2015 by raising the following grounds of appeal:- 1. "On the facts and in the circumstances of the case and in ....

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....,560/- as against returned income of Rs. 4,71,74,555/- filed by the assessee on 25/09/2012. 2.1 During assessment proceedings, it was note that the assessee was owner and landlord of Sheth Mulji Jetha Cloth Market, Mumbai and the shops in said market was given to various tenants on rental basis. During the year, there was a change of tenancy of 17 shops wherein some new tenants were introduced ....

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....department is in further appeal before us. 4. The Ld. Counsel for assessee [AR], at the outset, drew out attention to the fact that the revenue contested the issue before this Tribunal for various other years also and the issue stood covered in assessee's favor by those orders of the Tribunal. The Ld. Departmental Representative [DR] fairly conceded the same. The relevant orders of the Tribunal....

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....of possession in tenancy. As per section 2(14) "capital asset" means property of any kind held by an assessee, whether or not connected with his business or profession. A perusal of this definition shows that the legislature has intended to define the term "capital asset" in the widest possible manner. This definition has been curtailed to the extent of exclusions given in section 2(14) itself whi....