TRADE WINGS LTD,MUMBAI vs. ITO WD 2(3)(3), MUMBAI

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ITA 5429/MUM/2016Status: DisposedITAT Mumbai22 February 2017AY 2008-093 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found merit in the assessee's prayer and decided to remand the current issues back to the Assessing Officer (AO) for fresh adjudication. The AO was directed to consider the Tribunal's previous directions and provide a reasonable opportunity of being heard to the assessee.

What were the facts?

The assessee, engaged in travel and related activities, had its rental receipts originally assessed as 'income from house property'. The CIT, under Section 263, treated these receipts as 'income from other sources'. The ITAT had previously remanded the grounds related to the original assessment.

What were the issues?

The primary issue was the correct head of income for taxing rental receipts, specifically whether it should be 'income from house property' or 'income from other sources', and the subsequent proceedings under Section 263.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 263

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “SMC” BENCH, MUMBAI

Before: SHRI D. KARUNAKARA RAO

For Respondent: Ms. Beena Santosh, DR
Hearing: 09.02.2017Pronounced: 22.02.2017

सुनवाई की तायीख / Date of Hearing : 09.02.2017 घोषणा की तायीख /Date of Pronouncement : 22.02.2017 आदेश / O R D E R PER D. KARUNAKARA RAO, AM: There are two appeals under consideration and they are filed by the assessee for the assessment years 2008-09 and 2009-2010. Since, the issues raised in these appeals are inter-connected, therefore, they are clubbed, heard combinedly and disposed of in this consolidated order. Appeal wise adjudication is given in the following paras of this order.

2.

At the outset, ld Counsel for the assessee, stating that in these appeals assessments were made u/s 143(3) r.w.s 263 of the Act, submitted that there is no dispute about the validity of the order u/s 263 of the Act. Therefore, these appeals can be adjudicated combinedly. Narrating the brief facts of the case, Ld Counsel for the assessee submitted that that the assessee is engaged in the business of „travel and other related activities‟. Assessee filed the return of income as per the procedures and the is regularly assessed to tax u/s 143(3) of the Act and the issues raised in the present appeals relates to the correctness of the “head of income” for taxing the rental receipts arising from the buildings. In the proceedings u/s 263 of the Act, CIT treated the „rental receipts‟ as „income from other sources‟ as against „income from house property‟. Originally, AO assessed the same under the head

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