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Income Tax Appellate Tribunal, “SMC” BENCH, MUMBAI
Before: SHRI D. KARUNAKARA RAO
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.
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