2021 (11) TMI 531

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....s has been noted in the appeals, the condonation of which has been sought by the assessee on the strength of condonation petition as supported by the affidavit of the assessee. It has been submitted that delay was not deliberate but it occurred due to the fact that the assessee was travelling for business purposes. Though Ld. DR opposed condonation of delay, however, after going through the contents of the affidavit, the bench deems it fit to condone the delay. Accordingly, the appeals are admitted and proceeded with for adjudication on merits. 3. The appeal for AY 2011-12 arises out of the order of learned Commissioner of Income Tax (Appeals)-15, Chennai [CIT(A)] dated 30/04/2019 in the matter of assessment framed by Ld. Assessing Officer....

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....t it was engaged in the business of real estate development, hotel business and lease rental business for more than two decades. The partnership firm of the assessee 'Sriji Developers' as well as corporate entity namely 'Sriji foundation Pvt. Ltd.' was engaged in real estate activities. The leased premises were a building wherein the shops were let out for rent. The main object was to let out the premises on rent and the receipts were rightly offered as 'business income'. The assessee also assailed the interest disallowance and disallowance u/s 14A. 6. The Ld. CIT(A), following first appellate order for AY 2012-13, confirmed the stand of Ld. AO in assessing the lease income as 'Income from House Property'. However, the interest disallowanc....

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....e said building or lands appurtenant thereto. Section 22 of the Act makes 'annual value' of such a property as income chargeable to tax under this head. How annual value is to be determined is provided in Section 23 of the Act. 'Owner of the house property' is defined in Section 27 of the Act which includes certain situations where a person not actually the owner shall be treated as deemed owner of a building or part thereof. In the present case, the appellant is held to be "deemed owner" of the property in question by virtue of Section 27(iiib) of the Act. On the other hand, under certain circumstances, where the income may have been derived from letting out of the premises, it can still be treated as business income if let....