M/s. Rayala Corporation (P) Ltd., CHENNAI V. ACIT, CHENNAI

ITA 1947/CHNY/2011

• Counselvise Citation: [2012] 140 COUNSELVISE.COM (IT) 61102 (ITAT-CHENNAI)
• Duration Of Justice: 5 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-05-2012
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: D
• Next Hearing Date: 16-05-2012
• Assessment Year: 2007-2008
• Appeal Filed On: 05-12-2011
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: ANIRUDH RAI
• Assessee Lawyers: R VIJAYARAGHAVAN

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL D BENCH, CHENNAI BEFORE SHRI ABRAHAM P. GEORGE, ACCOUNTANT MEMBER AND SHRI CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER I.T.A. NO. 1947/MDS/2011 ASSESSMENT YEAR : 2007-08 M/S RAYALA CORPORATION (P) LTD., 144/7, OLD MAHABALIPURAM ROAD, KOTTIVAKKAM, CHENNAI - 600 041. PAN : AABCR7230D (APPELLANT) V. THE ASSISTANT COMMISSIONER OF INCOME TAX, COMPANY CIRCLE V(3), CHENNAI - 600 034 . (RESPONDENT) APPELLANT BY : SHRI R. VIJAYARAGHAVAN, ADVOCATE RESPONDENT BY : SHRI ANIRUDH RAI, CIT-DR DATE OF HEARING : 16.05.2012 DATE OF PRONOUNCEMENT : 16.05.2012 O R D E R PER ABRAHAM P. GEORGE, ACCOUNTANT MEMBER : IN THIS APPEAL FILED BY THE ASSESSEE, ITS GRIEVANC E IS THAT THE CIT(APPEALS) CONFIRMED THE TREATMENT OF ASSESSEES INCOME, WHICH WAS SHOWN BY IT UNDER THE HEAD INCOME FROM BUSINESS, AS INCOME FROM HOUSE PROPERTY. 2. WHEN THE MATTER CAME UP BEFORE US, LEARNED COUNS EL FOR THE ASSESSEE FAIRLY SUBMITTED THAT THE ISSUE STOOD DECI DED AGAINST THE ASSESSEE BY THE ORDER OF THIS TRIBUNAL IN ASSESSEE' S OWN CASE FOR EARLIER 2 I.T.A. NO. 1947/MDS/11 YEARS. HE PLACED ON RECORD COPIES OF THE ORDERS OF THE TRIBUNAL IN I.T.A. NO. 1464/MDS/2011 DATED 6.2.2012 AND IN I.T.A. NO. 119/MDS/2011 DATED 2.11.2011. 3. WE FIND FROM THE ABOVE ORDERS OF CO-ORDINATE BEN CH OF THIS TRIBUNAL THAT THIS TRIBUNAL HELD THAT INCOME FROM L EASE RENT IS TO BE TREATED AS INCOME FROM HOUSE PROPERTY. RESPECTFU LLY FOLLOWING EARLIER ORDERS AFOREMENTIONED, WE DISMISS APPEAL OF THE ASS ESSEE. 4. IN THE RESULT, APPEAL FILED BY THE ASSESSEE IS D ISMISSED. THE ORDER WAS PRONOUNCED IN THE COURT ON WEDNESDAY, THE 16 TH OF MAY, 2012, AT CHENNAI. SD/- SD/- (CHALLA NAGENDRA PRASAD) (ABRAHAM P. GEORGE) JUDICIAL MEMBER ACCOUNTANT MEMBER CHENNAI, DATED THE 16 TH MAY, 2012. KRI. COPY TO: (1) APPELLANT (2) RESPONDENT (3) CIT(A)-VI, CHENNAI (4) CIT-III, CHENNAI (5) D.R. (6) GUARD FILE