ASST CIT 5(3), MUMBAI V. STELLAR DEVELOPERS P[. LT, MUMBAI

ITA 8244/MUM/2010

• Counselvise Citation: [2015] 134 COUNSELVISE.COM (IT) 1917 (ITAT-MUMBAI)
• Duration Of Justice: 5 year(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-12-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: E
• Next Hearing Date: 31-03-2015
• Assessment Year: 2007-2008
• Appeal Filed On: 29-11-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: G N MAKWANA
• Assessee Lawyers: VASNATI PATEL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH E, MUMBAI BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER AND SHRI SANJAY GARG, JUDICIAL MEMBER ITA NO.8244/M/2010 ASSESSMENT YEAR: 2007-08 ASST. COMMISSIONER OF INCOME TAX, RG. 5(3), R. NO.573, 5 TH FLOOR, AAYAKAR BHAVAN, M.K. ROAD, MUMBAI - 400020 VS. M/S. STELLAR DEVELOPERS P. LTD., 103, SANGEETA ENCLAVE SARVODAYA NAGAR, MULUND (W), MUMBAI 400 080 PAN: AABCS 1078C (APPELLANT) (RESPONDENT) PRESENT FOR: ASSESSEE BY : MS. VASNATI PATEL, A.R. REVENUE BY : SHRI G.N. MAKWANA, D.R. DATE OF HEARING : 06.10.2015 DATE OF PRONOUNCEMENT : 18.12.2015 O R D E R PER SANJAY GARG, JUDICIAL MEMBER: THE PRESENT APPEAL HAS BEEN PREFERRED BY THE REVEN UE AGAINST THE ORDER DATED 23.09.2010 OF THE COMMISSIONER OF INCOME TAX (APPEALS) [HEREINAFTER REFERRED TO AS THE CIT(A)] RELEVANT TO ASSESSMENT Y EAR 2007-08. 2. THE SOLE ISSUE RAISED IN THIS APPEAL BY THE REVE NUE IS WHETHER THE LD. CIT(A) WAS JUSTIFIED IN HOLDING THAT LEASE RENTAL I NCOME RECEIVED BY THE ASSESSEE SHOULD BE ASSESSED AS PROFITS AND GAINS OF BUSINESS AS OFFERED BY THE ASSESSEE OR AS INCOME FROM HOUSE PROPERTY AS TAXED BY THE ASSESSING OFFICER. 3. AT THE OUTSET, THE LD. A.R. OF THE ASSESSEE HAS BROUGHT OUR ATTENTION TO THE ORDER OF THE TRIBUNAL DATED 21.01.2015 IN THE O WN CASE OF THE ASSESSEE FOR A.Y. 2005-06 & A.Y. 2006-07 IN ITA NO.4891/M/2008 & ITA NO.6635/M/2009 WHEREIN THE TRIBUNAL, AFTER ANALYZIN G THE FACTS OF THE CASE AND DELIBERATING ON THE JUDICIAL PRONOUNCEMENTS, HA S HELD THAT THE INCOME ITA NO.8244/M/2010 M/S. STELLAR DEVELOPERS P. LTD. 2 DERIVED BY THE ASSESSEE FROM COMMERCIAL EXPLOITATIO N OF HIS ASSET BY WAY OF COMPLEX COMMERCIAL ACTIVITIES IS TO BE TREATED AS B USINESS INCOME OF THE ASSESSEE. FOLLOWING THE SAID ORDER, THIS ISSUE HAS BEEN AGAIN DECIDED IN FAOUR OF THE ASSESSEE BY THE TRIBUNAL FOR A.Y. 2008-09 AL SO VIDE ITA NO.6512/M/2011 ORDER DATED 08.07.2015. THE LD. D.R. HAS FAIRLY ADMITTED THAT THE ISSUE IS SQUARELY COVERED BY THE DECISIONS OF THE TRIBUNAL IN THE EARLIER ASSESSMENT YEAR IN THE OWN CASE OF THE ASSESSEE. 4. RESPECTFULLY FOLLOWING THE SAME, WE DO NOT FIND ANY INFIRMITY IN THE ORDER OF THE LD. CIT(A) ON THIS ISSUE AND THE SAME IS UPHELD. 5. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 18.12.2015. SD/- SD/- (N.K. BILLAIYA) (SANJAY GARG) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATED: 18.12.2015. * KISHORE, SR. P.S. COPY TO: THE APPELLANT THE RESPONDENT THE CIT, CONCERNED, MUMBAI THE CIT (A) CONCERNED, MUMBAI THE DR CONCERNED BENCH //TRUE COPY// [ BY ORD ER DY/ASSTT. REGISTRAR, ITAT, MUMBAI.