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

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.

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.

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:

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.

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