NATWAR LAL SHARDA,JAIPUR vs. PCIT-2, JAIPUR

ITA 164/JPR/2022Status: DisposedITAT Jaipur31 August 2022AY 2017-1813 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the PCIT erred in initiating revision proceedings on issues not covered by the show cause notice and that the rental income was correctly offered under 'Income from house property' as only land and building were let out.

What were the facts?

The assessee received rent from letting out property and claimed it under 'Income from house property'. The PCIT initiated revision proceedings under Section 263, alleging the rent should be taxed as 'Income from other sources' and that deductions were wrongly claimed.

What were the issues?

Whether the PCIT correctly initiated revision proceedings under Section 263 without proper show cause notice, and whether rental income from letting out land and building should be taxed as 'Income from house property'.

Which sections of the Income-tax Act were involved?

Section 263,Section 57,Section 24(a),Section 56(2)(iii)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, JAIPUR BENCHES,”A” JAIPUR

Before: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;dj vihy la-@ITA. No. 164/JP/2022

For Appellant: Shri Manish Agarwal (C.A.) jktLo dh vksj ls@
Hearing: 13/07/2022Pronounced: 31/08/2022

PER: DR. S. SEETHALAKSHMI, J.M.

This appeal by the assessee is directed against the order of the Learned Principal Commissioner of Income Tax [hereinafter referred to as (ld. PCIT)]- 2, Jaipur dated 23.03.2022 for the AY 2017-18. 2. The assessee has raised the following grounds:- “1. On the facts and the circumstance of the case and in law, the ld. PCIT has erred in initiating Revision proceedings u/s 263 of the Income Tax Act, 1961

The order continues below.

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