Azimganj Estates Pvt. Ltd. v. Commissioner of Inocme-tax-III, Kolkata
[Citation -2015-LL-0128-20]
| Citation | 2015-LL-0128-20 |
|---|---|
| Appellant Name | Azimganj Estates Pvt. Ltd. |
| Respondent Name | Commissioner of Inocme-tax-III, Kolkata |
| Court | HIGH COURT OF CALCUTTA |
| Relevant Act | Income-tax |
| Date of Order | 28/01/2015 |
| Judgment | View Judgment |
| Keyword Tags | income from house property • rental income • letting out |
| Bot Summary: | The Court : The following question of law was formulated when the appeal, was admitted. Whether the Tribunal substantially erred in law in holding that the rental income derived by the appellant from letting out unsold flats was assessable under the head business income and not under the head income from house property Mr. Sen, learned Advocate appearing for the appellant drew our attention to a judgment in the assessee s own case, Azimganj Estates Pvt. Ltd.-Vs- CIT reported in 352 ITR 82 wherein the Division Bench held as follows: The subject matter of exploitation being unsold flats still owned by the assessee; the Commissioner rightly concluded that 2 the income therefrom should be treated as income from house property by way of letting it out. Subsequently, in another case of the same assessee, another Bench of this Court to which one of us was a party also held in favour of the assessee following the earlier judgment reported in 352 ITR 82. The same is answered in the affirmative and in favour of the assessee after hearing the learned Advocates. |