2008 (1) TMI 376

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....gment of the court was delivered by K. L. MANJUNATH J. - This appeal is by the Revenue challenging the orders passed by the Income-tax Appellate Tribunal, Bangalore, in I. T. A. No. 570/Bang/2000 raising the following substantial question of law: "Whether, on facts and in the circumstances of the case, the Tribunal was justified in holding that the income earned by the assessee under the hea....

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....s order was challenged by the assessee by filing an appeal before the Commissioner of Income-tax (Appeals) which appeal came to be dismissed. Against which a second appeal was filed before the Tribunal. The Tribunal, after hearing the counsel for the parties, held that the income derived by the assessee has to be assessed under the head "Income from business" only. Accordingly, the order passed by....

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....ther contends that the very purpose of partnership is to construct building and let out the same and that is the only source of business activity of the firm and if the firm is in existence, there cannot be any business. Therefore, he requests the court to dismiss the appeal. 6. After hearing the counsel for the parties and considering the copy of the partnership deed filed by the counsel for t....