2022 (4) TMI 1633

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.... Vijaya Narayanan for Mr. Subbaraya Aiyar Padmanabhan For the Respondent : Mr. T. Ravikumar JUDGMENT (Judgment of the Court was made by R. MAHADEVAN, J.) The present Tax Case Appeal has been filed by the appellant/assessee against the order passed by the Income Tax Appellate Tribunal, 'D' Bench, Chennai in I.T.A.No.1947/Mds/2011 dated 16.05.2012, relating to the assessment year 2007-08....

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....ch as maintenance and further investing the returns in real estate development is assessable as income from business under Section 28 or income from house property under Section 22 of the Income Tax Act?" 3. The learned counsel appearing for the appellant/assessee and the learned standing counsel for the respondent/Revenue jointly submitted that the issues involved herein have already been decid....

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....ect of the company as provided in the Memorandum and Objects? 4. Mr. M. Venkat Narayanan, learned counsel for the appellant would submit that in the assessee's own case in "Rayala Corporation Pvt. Ltd., Vs. Assistant Commissioner of Income Tax" reported in "[2016] 386 ITR 500 (SC)", the Hon'ble Supreme Court has reversed the Judgment of this Court holding that the assessee's income ....

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..... However, the said Judgment does not deal with the income under other heads and no finding has been given by the Hon'ble Supreme Court. Making it clear as stated above, as no finding has been given with regard to any other heads, this Court is of the view that as per the judgment of the Hon'ble Supreme Court, the rental income derived from the house property should be treated as business ....