PRITI NIMISH PATEL,MUMBAI vs. DCIT - CC-25, MUMBAI

Order u/s.254(1)of the Income-tax Act,1961(Act) लेखा लेखा सद"य लेखा लेखा सद"य सद"य राजे"" सद"य राजे"" राजे"" केकेकेके अनुसार राजे"" अनुसार अनुसार PER RAJENDRA, AM- अनुसार Challenging the order dated 23/02/2015,of the CIT(A)-51,Mumbai,the assessee has filed the present appeal.Assessee,an individual,is carrying on business of manufacturing and sale of metallic yarn.During the year under appeal,she was also director of one company.Effective ground of appeal is about taxability of Rs. 26.40 lakhs under the head business income. Brief facts: 2.A search and seizure operation u/s.132 of the Act was conducted in the case of Patel Engineering Ltd. group of cases, on 16/12/2010. After recording satisfaction, a notice u/s.153C of the Act was issued to the assessee asking her to file the return of income for the year under consideration.She filed her return on 16/01/2013, declaring total income at Rs. 21.48 lakhs.Later on, on 27/02/2013, the assessee filed a revised return disclosing income of Rs. 15.89 lakhs.The assessee had offered income of Rs. 26,40,000/-was offered under the head income from house property, whereas, the AO following the order for the AY.2010-11 assessed the said income under the head business income. In the appellate proceedings, the First Appellate Authority (FAA)confirmed the order of the AO. 3.Before us the representatives of both the sides agreed that the issue stands decided in favour of the assessee by the order of the Tribunal dated 27/07/2016(ITA/3070/Mumbai/2015,AY. 2011-12).We would like to reproduce the said order and it reads as under: “2.The only grievance of the assessee relates to assessing rental income of Rs.29,04, 000/-offered under the head income from house property,as business income.