2021 (7) TMI 1069

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.... were heard together and are now being disposed-off by way of this common order for the sake of convenience & brevity. First, we take up appeal for AY 2009-10 wherein following ground has been raised by the revenue: - Whether on the facts and the circumstances of the case and law, the ld. CIT(A) was right in treating assessee's leased rental income as Business Income instead of Income from House Property ? As evident, the revenue is aggrieved by the fact that leased rental income earned by the assessee has been accepted in the impugned order as 'Business Income' which was assessed by Ld. AO under the head 'Income from House Property'. 2. The Ld. AR advanced argument in support of impugned order by drawing attention to the ord....

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....om was offered by the assessee as 'Business Income'. The assessee defended the stand of offering the rental income as 'Business Income' by submitting that the assessee was incorporated for running or selling the infrastructural facilities and it was the only business of the company. 3.4 However not convinced with a assessee's explanation, the rental receipts of Rs. 126.10 Lacs was taxed as 'Income from House Property' against which statutory deduction u/s 24(a) would be available to the assessee. Consequently, the assessee would not be eligible to claim any business expenditure except interest expenditure. 4.1 During appellate proceedings, the assessee submitted that reopening for this year was based on assessment completed u/s 143(3)....

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....98 & 5348/Mum/2017 common order dated 04/09/2019, the copy of which is on record. As it could be seen from the said order, the returned loss filed by the assessee was accepted u/s 143(3). However, consequent to revisional order passed u/s 263, the Ld. AO assessed the rental income as 'Income from House Property' in an order passed u/s 143(3) r.w.s. 263. However, upon further appeal, Ld. CIT(A), following his own order for AY 2012-13, held that income should be treated as 'Business Income'. The revenue preferred further appeal against the same before this Tribunal wherein the bench, vide para-9 of the order, dismissed revenue's appeal for the reasons stated therein. One of the reasons was application of rule of consistency. Consequently, the....