2009 (9) TMI 1

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....dhyay and S. Chopra Respondent's Counsel - S.O.P. Agarwal and Rohit Agarwal JUDGMENT The present appeal filed under Section 260-A of the Income Tax Act, 1961 (hereinafter referred to as "the Act") arises out of the order of the Income Tax Appellate Tribunal, Delhi dated 30th June.1999. It has been admitted, vide order dated 20.8.2004, on the following substantial questions of law :- "1....

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....ar 1989-90. Briefly stated, the facts giving rise to the present appeal are as follows:- The assessee which is running a flour mill at Moradabad let out some godown during the assessment year in question. The income from letting out of godown was treated as its business income and accordingly deduction under Section 32AB of the Act, depreciation and repair expenses were also claimed. The Ass....

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....t of the property is income from property and not from business. Sri Rohit Agarwal, on the other hand submitted that the business of the assessee, which was running flour mill was still continuing and certain surplus place was let out, that too, for a short period.? We find that the Tribunal, in paragraph 13.7 of the order, has held as follows: "13.7. The facts of the present case clearly sh....

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....n no evidence. Even assuming that the godowns were sometime used for brass business, but there still remains an uncontroverted fact that these godowns were being used for the business of the assessee's flour mill business till the year 1983. It is also an undisputed fact that the business of running of the flour mill has continued to exist and at no point of time, the said business of flour mill w....