VEENA INVESTMENT P. LTD,MUMBAI vs. ACIT CIR 7(3), MUMBAI

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ITA 1252/MUM/2013Status: DisposedITAT Mumbai17 December 2015AY 2009-103 pages

In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal dismissed the appeal of the assessee, respectfully following the findings of a co-ordinate bench and in light of the assessee's declaration under Section 158A. The Hon'ble High Court had admitted a question of law regarding the nature of the receipts.

What were the facts?

The assessee treated income from running business centers as business income, but the lower authorities treated it as income from house property. The assessee had filed a declaration under Section 158A of the Act. This issue had been decided against the assessee in earlier assessment years.

What were the issues?

Whether receipts from business centers constitute business income or income from house property, and the implications of filing a declaration under Section 158A when a related issue is pending before the High Court.

Which sections of the Income-tax Act were involved?

Section 158A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “F” BENCH, MUMBAI

Before: SHRI N.K. BILLAIYA & SHRI PAWAN SINGH

For Respondent: Shri Pawan Kumar
Hearing: 01.12.2015Pronounced: 01.12.2015

सुनवाई क� तार�ख / Date of Hearing :01.12.2015 घोषणा क� तार�ख /Date of Pronouncement :01.12.2015 आदेश / O R D E R

PER N.K. BILLAIYA, AM:

1.

This appeal by the assessee is preferred against the order of the Ld. CIT(A)-18,Mumbai dated 27.11.2012 pertaining to Assessment year 2008-09.

2.

The grievance of the assessee revolves around the treatment of income earned by the assessee from running its business centers under the head “Income from house property instead of “business income” as claimed by the assessee.

3.

At the very outset, the Ld. Counsel for the assessee stated that in the earlier assessment years this issue has been decided by the Tribunal against the assessee and in favour of the Revenue. The Ld. Counsel further pointed out that against the order of the Tribunal, the assessee preferred an appeal before the Hon’ble High Court and the appeal has been admitted by the Hon’ble High Court admitting the following question of law:

“Whether on the facts and circumstances of the case the receipts under various agreements are income from business or income from other sources or income from house property?

3.1. Since the question of law has been admitted by the Hon’ble High Court, the assessee has filed a declaration in Form No. 8 as per Rule-16 u/s. 158A of the Act.

3.2. With this declaration, the assessee has stated that it will not raise the said question of law in appeal before any Appellate authority as per the provisions of the law.

4.

We have given a thoughtful consideration to the submissions made by the Ld. Counsel. We have also gone through the declaration filed u/s. 158A of the Act. We have also gone through the order of the First Appellate authority. We find that the First Appellate authority has dismissed the appeal of the assessee following the decision of the Tribunal given in earlier assessment years. Since the appeal for earlier assessment years have been admitted by the Hon’ble High Court in Income Tax Appeal No. 1412 of 2011 with 1413 of 2011 with 456 of 2012, the declaration of the assessee is as per the provisions of the law. Respectfully following the findings of the Co-ordinate Bench, in the light of the declaration of the assessee, this appeal by the assessee is dismissed.

5.

In the result, the appeal filed by the assessee is dismissed.

Order pronounced in the open court at the time of hearing on 1st December, 2015

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