2021 (7) TMI 302

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...., Senior Standing Counsel For the Respondent : Mr. Vijayaraghavan Vikram JUDGMENT M.DURAISWAMY, J. Challenging the order dated 03.06.2013 passed by the Income Tax Appellate Tribunal, Madras "D" Bench in I.T.A.No.1198/Mds/2010, in respect of the assessment year 2007-2008, the Revenue has filed the above appeal. 2. The above appeal was admitted on the following substantial questions o....

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.... and the income received by the owners for such property and the amenities therein would be business income in the hands of the owner of the property. 9. We need not labour much on this issue, on account of the circular No.16 of 2017 issued by the CBDT dated 25.04.2017. The CBDT after taking note of the two decisions of the Karnataka High Court held that it is now a settled position that ....

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....e Division Bench, has held as follows: "11. In considering whether the income arising on the leasing of the property was business of the assessee, one has to get into the nature of the business of the assessee, to find out the receipts are assessable under the head of income from house property or as business income and if receipts does not fall in any of those classified heads, would fal....

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....ion of law No.1, has to be answered against the revenue and in favour of the assessee. The Tax Case Appeals are dismissed and the Substantial Questions of Law are answered against the revenue. No Costs. Further, the learned Senior Standing Counsel submitted that in view of the ratio laid down by the Hon'ble Davison Bench of this Court in the Judgement cited supra, the question of l....