NARESH MALHOTRA, MUMBAI V. ACIT (OSD-I) RG-7, MUMBAI

ITA 2949/MUM/2009

• Counselvise Citation: [2012] 119 COUNSELVISE.COM (IT) 9122 (ITAT-MUMBAI)
• Duration Of Justice: 3 year(s) 7 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 14-12-2012
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: I
• Next Hearing Date: 08-10-2012
• Assessment Year: 1998-1999
• Appeal Filed On: 07-05-2009
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: P K SHUKLA
• Keywords: Business income

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES I, MUMBAI BEFORE SHRI DINESH KUMAR AGARWAL (J.M.) AND SHRI B. RAMAKOTAIAH (A.M.) ITA NO. 2949/MUM /2009 ASSESSMENT YEAR : 1998-99 SHRI NARESH MALHOTRA, PRIME FOCUS LIMITED, 2, ANAND KUNJ, NORTH AVENUE, LINKING ROAD, SANTACRUZ (W), MUMBAI 400 054. PAN AADPM9824D VS. THE ASSTT. COMMISSIONER OF INCOME-TAX- (OSD.I) CENTRAL RANGE 7, AAYAKAR BHAVAN, M.K. ROAD, MUMBAI 400 020. (APPELLANT) (RESPONDENT) ASSESSEE BY : MS. VASANTI PATEL DEPARTMENT BY : SHRI P.K. SHUKLA DATE OF HEARING 10-12-2012 DATE OF PRONOUNCEMENT 14.12.2012 O R D E R PER DINESH KUMAR AGARWAL, J.M. THIS APPEAL, FOR THE LIMITED PURPOSE, ARISES AS A RESULT OF ORDER PASSED BY THE TRIBUNAL IN MISC. APPLICATION N O. 271/MUM/2011 ARISING OUT OF ITA NO. 2949/MUM/2009 FOR A.Y. 1998- 99 DTD. 31-10-2011 WHEREIN THE TRIBUNAL WHILE PARTLY ALLOWI NG THE MISC. APPLICATION FILED BY THE REVENUE OBSERVED THAT GROU ND NO. 2 & 4 HAVE NOT BEEN DECIDED AND, HENCE, RECALLED ITS ORDER TO ADJU DICATE GROUND NO. 2 & 4 ON MERITS. ITA NO. 2949/MUM/2009 2 2. GROUND NOS. 2 & 4 READ AS UNDER:- CONFIRMING THE ACTION OF AO IN TREATING THE INCOME AS PROPERTY INCOME. 2. ERRED IN CONFIRMING THE ACTION OF AO IN TREATIN G THE INCOME FROM LETTING OUT OF THE FACILITIES I.E. COMMERCIAL PROPE RTIES WITH FURNISHER, PLANT AND EQUIPMENTS AND OTHER SERVICES, AS INCOME FROM H OUSE PROPERTY INSTEAD OF AS BUSINESS INCOME AS WAS ASSESSED ORIGI NALLY U/S 143(3): 4. ERRED IN NOT ALLOWING THE EXPENDITURE OF RS. 5, 00,000/- AGAINST THE COMPOSITE CONSIDERATION RECEIVED FOR LETTING OU T OF PROPERTIES ALONG WITH THE FACILITIES AND RESTRICTED IN THE DEDUCTION TO 25% OF THE RENT RECEIVED I.E. RS. 2,12,500/-. 3. AT THE TIME OF HEARING THE LD. COUNSEL FOR THE A SSESSEE SUBMITS THAT SHE DOES NOT WANT TO PRESS THE ABOVE GROUNDS W HICH WAS NOT OBJECTED TO BY THE LD. D.R. 4. THAT BEING SO AND IN THE ABSENCE OF ANY SUPPORTI NG MATERIAL PLACED ON RECORD BY THE LD. COUNSEL FOR THE ASSESSEE, THE ABOVE GROUNDS RAISED BY THE ASSESSEE ARE, THEREFORE, REJECTED BEING NOT PRESSED. 5. IN THE RESULT, ASSESSEES APPEALS STANDS ALLOWED AS INDICATED ABOVE. ORDER PRONOUNCED ON 14.12.2012 SD/- ( B. RAMAKOTAIAH ) ACCOUNTANT MEMBER SD/- (DINESH KUMAR AGARWAL) JUDICIAL MEMBER MUMBAI, DATED : 14 TH DECEMBER, 2012 RK ITA NO. 2949/MUM/2009 3 COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. COMMISSIONER OF INCOME TAX (OSD)-I, C.R. 7, M UMBAI 4. CIT- CONCERNED, MUMBAI. 5. DEPARTMENTAL REPRESENTATIVE, BENCH I, MUMBAI //TRUE COPY// BY ORDER ASSTT. REGISTRAR, ITAT, MUMBAI