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Income Tax Appellate Tribunal, DELHI BENCH ‘SMC-2’, NEW DELHI
Before: SHRI J. SUDHAKAR REDDY
This is an appeal filed by the Assessee directed against the order of the Ld. Commissioner of Income Tax (Appeals)-I, Noida dated 10.06.2016 pertaining to the Assessment Year (A.Y.) 2012- 13.
The only issue in dispute is whether the rental income received by the assessee is to be assessed under the head ‘income from house property’ or under the head ‘income from business’. The ‘C’ Bench of the Tribunal in the assessee’s own case in ITA 814/Del/15 for the immediately preceding year 2010-11 vide order dt. 17th November, 2016 applied the judgement of the supreme court in the case of Rayala Corporation Private Limited in Civil
ITA 4902/Del/2016 Assessment Year 2012-13 Irus Corp vs. ITO, Noida Appeal number 3764/2016 and held that the income in question, under the facts and circumstances of the case, is to be assessed under the head ‘income from business’.
2.1. Consistent with the view taken therein, I direct the Assessing Officer to assess the income in question under the head ‘income from business’.
In the result the appeal is allowed.