AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2021 (12) TMI 988
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....ay Port Trust of Rs. 39,69,999/- u/s. 57(1)(iii) of the Act while assessing occupancy charges under the head "income from other sources". On the basis of facts and in the circumstances of the case and in law, the disallowance made ought to have been deleted. 3. In this case, the earlier round, ITAT has passed following order in this case:- "The appeal of the assessee is directed against the order dated 20-08-2014 passed by Ld. CIT(A)-20, Mumbai and it relates to the assessment year 2010-11. The assessee is aggrieved by the decision of Ld. CIT(A) in upholding the assessment of interest receipts under the head Income from other sources as against the claim of the assessee to assess the same under the head Income from business. The assessee....
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....3. The Ld. A.R. submitted that the assessee is engaged in the business of investing in financial instruments and the deposits were made in the course of carrying on the business. He submitted that the assessing officer has accepted the identical business activities carried on by the assessee in the past, i.e., in the 143(3) assessments completed for assessment years 2005-06 to 2009-10. Accordingly he submitted that there is no necessity for the AO to take a different view in this year alone and the same has violated the principles of consistency. In this regard, the Ld. A.R. placed reliance on the decision rendered by Hon'ble Supreme Court in the case of Radhoswamy Satsang (198 ITR 321), the decision rendered by Hon'ble Bombay High ....
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....ith the banks and corporate, in our view, can be considered as part of business activities of the assessee as it is engaged in the business of investing in financial instruments. 6.1. It is a fact that the RBI has rejected its application for NBFC status. In this regard, we may notice that the co-ordinate bench has already taken a view in the case of Preimus Investment and Finance Ltd (supra) that the said fact does not determine the nature of income. Accordingly the said reason given by the tax authorities also fails. 7. At the time of hearing, the ld. A.R. fairly admitted that the interest on income tax refund is assessable under the head Income from other sources. Accordingly we uphold the view taken by the Ld. CIT(A) in respect of i....
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....above the property was taken on lease for 30 years, which got expired in 1985 vide its letter dated 23.4.1985, the assessee requested for the renewal of lease term for further period of 30 years. However, BPT re/used to renew the lease and issued a notice to quit the premise. Further, BPT has also filed an eviction suit in 1986 with the Small Cause Court against the assessee in this matter. During the FY 2002-03, Marico Ltd had shown interest in getting the lease directly renewed in its name and accordingly paid an advance of Rs. 1.20 crore to BPT, Daring the year under consideration, BPT withdrew its eviction suit against the company vide Small Cause Court's order dated 23.11.2009 (copy enclosed at page No. 88 to 98). Thereafter, durin....
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....wing order:- "So far as the second ground of appeal challenging the disallowance of interest expenditure on delay in payment of rent to BPT amounting to Rs. 39,69,999/- is concerned, I am in agreement with the finding of the AO that the issue does not arise out of order of honourable ITAT dated 29/12/2017, the effect to which has been given by the AO and which is the subject matter of this appeal Occupancy charges earned by the appellant from Marico were taxed by the AO as income from other sources. This action of the AO was confirmed by the learned CIT(A) who also did not allow deduction in respect of interest Expenditure on delay in payment of rent to BPT, amounting to Rs. 39,69,999/- to the appellant, even though a specific submission ....
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....nal charges 4,84,291/- Miscellaneous Expenses 3,12,946/- Security charges 2,07,202/- Communication expenses 61,056/- Traveling, conveyance & vehicle expenses 53,376/- Bank charges 1,405/- Depreciation (as per Income Tax) 1,14,751/- Total 77,36,312/- The aforesaid expenses ought to be allowed while computing the income of the assessee under the head "Income from Business or profession" or under the head 'Income from other sources'. 8. From the above, it is clear that this issue was very much before this tribunal and the tribunal had remanded the matter to examine all the expenses, which were raised in ground, which included this claim. The authorities below have clearly erred in holding that ITAT has not remanded....