Universal Plast Ltd. v. CIT

237 ITR 454Supreme Court of India1999#1629 most cited

What is Universal Plast Ltd. v. CIT authority for?

Income received by an assessee from leasing or letting out assets, whether categorized as lease amount, rent, or license fee, is a mixed question of law and fact to determine if it falls under 'Profits and gains of business or profession'. No precise test exists, and the determination must consider the perspective of a businessman, the specific facts, and the true interpretation of the letting agreement.

69

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2007 to 2026.

Also referred to as

Universal Plast Ltd. v. CIT · 237 ITR 454 · Supreme Court · income from leasing assets · business income · income from house property · mixed question of law and fact · businessman's perspective · true interpretation of agreement · lease rental classification

Sections most often in play

Section 143(3)Section 24Section 14ASection 194-ISection 2(13)Section 37(1)Section 10Section 119
Read the full judgment

Issues it is cited on

recognised provident fundsection 50bsection 43b(f)approved gratuity fundsection 40a(9)section 211wholly and exclusively for businesssection 35dslump salesection 32(1)(ii)domestic companyfull value of consideration

Judgments citing Universal Plast Ltd. v. CIT

South Eastern Coal Fields Ltd, Bilaspur(Cg) vs. JCIT, Range-1, Bilaspur(Cg)

In the result, all the captioned appeals of the assessee as well as revenue are either allowed, partly allowed for statistical purposes or dismissed, in accordance with our observations herein above

ITA 201/BIL/2012[2009-10]Status: DisposedITAT Raipur30 Oct 2023AY 2009-10

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अपील सं./Ita No.201/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.401/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.162/Bil/2017 (Ay : 2010-2011) आयकर अपील सं./Ita No.115/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.102/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.103/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.204/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.169/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.33/Rpr/2019 (Ay : 2016-2017) South Eastern Coal Fields Ltd., Vs Jcit, Range-1, Bilaspur Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) .. (""यथ" / Respondent) & आयकर अपील सं./Ita No.204/Bil/2012 (Ay : 2009-2010) आयकर अपील सं./Ita No.382/Bil/2014 (Ay : 2010-2011) आयकर अपील सं./Ita No.103/Bil/2015 (Ay : 2011-2012) आयकर अपील सं./Ita No.98/Bil/2017 (Ay : 2012-2013) आयकर अपील सं./Ita No.99/Bil/2017 (Ay : 2013-2014) आयकर अपील सं./Ita No.188/Rpr/2017 (Ay : 2014-2015) आयकर अपील सं./Ita No.171/Rpr/2018 (Ay : 2015-2016) आयकर अपील सं./Ita No.54/Rpr/2019 (Ay : 2016-2017) Dcit, Circle-1(1), Bilaspur Vs South Eastern Coal Fields Ltd., Seepat Road, Bilaspur Pan No. :Aadcs 2066 E (अपीलाथ" /Appellant) (""यथ" / Respondent) .. िनधा"रती क" ओर से /Assessee By : Shri Ajit Korde, Advocate, Shri Ankur Goel & Shri Ankit Agrawal, Cas राज"व क" ओर से /Revenue By : Shri Debashish Lahiri, Cit-Dr सुनवाई क" तार"ख / Date Of Hearing : 26/09/2023 घोषणा क" तार"ख/Date Of Pronouncement : 30/10/2023

For Appellant: Shri Ajit Korde, AdvocateFor Respondent: Shri Debashish Lahiri, CIT-DR

…property" is illegal and liable to be deleted. Argument- 2 On examination of transaction from the point of view of businessman according to the ratio laid down by 3 Judges Bench of the Honourable Supreme Court in the case of Universal Plast Ltd v CIT [(1999) 237 ITR 454 (SC)], it is clear that rental income earned by the assessee should be assessed as "income form House property". The honourable Supreme Court in the above case has laid down one of the test as under: 2) "it is a mixed question of law and fact and has to be determined from the point of view of a businessman in that business on the facts and in the…

Income Tax Officer, Ward - 2(3), Belgavi vs. Shree Bhagyalaxmi Sahakari Sakkare Karkhane Niyamit, Belagavi

In the result, the appeal filed by the Revenue stands partly allowed

ITA 460/PAN/2018[2014-15]Status: DisposedITAT Panaji29 Aug 2023AY 2014-15

Bench: SHRI INTURI RAMA RAO (Accountant Member), SHRI PARTHA SARATHI CHAUDHURY (Judicial Member)

For Appellant: NoneFor Respondent: Shri Badrinath Yamaji Chavan
Section 143(3)

…assets are let out, is relevant factor to find out the intention of the assessee is to go out the business altogether or to come back and restart the same as held by the Hon’ble Supreme 5 C.O. No.01/PAN/2022 Court in the case of Universal Plast Ltd. vs. CIT, 237 ITR 454 (SC). In the present case, the ld. CIT(A) had not gathered the intention of the assessee from the circumstances under which the plant & machinery was leased out nor found out the period for which the plant & machinery was let out. The findings of the ld. CIT(A) are ipse dixit not based on any material evidence on record and, therefore, the findin…

The Commissioner of Income Tax vs. Premier Tyres Ltd

ITA/929/2009HC Kerala19 Jul 2021

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS

For Appellant: THE COMMISSIONER OF INCOME TAXFor Respondent: M/S.PREMIER TYRES LTD

…assessee's perspective, but not from objective viewing of the controversy. The Tribunal failed to appreciate and apply the broad tests laid down by the Supreme Court in Universal Plast Limited and Ors. v Commissioner of Income Tax, Calcutta (237 ITR 454 SC) to the admitted situation of the case. According to him, the arrangement between the assessee and ATL, in effect and substance, is not an attempt to exploit the commercial asset for the business purpose of the assessee but the income received by way of lease/rent, is a passive receipt received by the assessee for substantially l…

The Commissioner of Income Tax vs. Premier Tyres Ltd

ITA/758/2009HC Kerala19 Jul 2021

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS

For Appellant: THE COMMISSIONER OF INCOME TAXFor Respondent: M/S.PREMIER TYRES LTD

…assessee's perspective, but not from objective viewing of the controversy. The Tribunal failed to appreciate and apply the broad tests laid down by the Supreme Court in Universal Plast Limited and Ors. v Commissioner of Income Tax, Calcutta (237 ITR 454 SC) to the admitted situation of the case. According to him, the arrangement between the assessee and ATL, in effect and substance, is not an attempt to exploit the commercial asset for the business purpose of the assessee but the income received by way of lease/rent, is a passive receipt received by the assessee for substantially l…

The Commissioner of Income Tax vs. Ptl Enterprises Limited

ITA/483/2009HC Kerala19 Jul 2021

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS

For Appellant: THE COMMISSIONER OF INCOME TAXFor Respondent: M/S.PREMIER TYRES LTD

…assessee's perspective, but not from objective viewing of the controversy. The Tribunal failed to appreciate and apply the broad tests laid down by the Supreme Court in Universal Plast Limited and Ors. v Commissioner of Income Tax, Calcutta (237 ITR 454 SC) to the admitted situation of the case. According to him, the arrangement between the assessee and ATL, in effect and substance, is not an attempt to exploit the commercial asset for the business purpose of the assessee but the income received by way of lease/rent, is a passive receipt received by the assessee for substantially l…

ACIT, Circle-17(1), New Delhi vs. Modi Industries Ltd, New Delhi

ITA 1879/DEL/2018[2014-15]Status: DisposedITAT Delhi11 Jun 2021AY 2014-15

Bench: Shri O.P.Kant & Shri Kuldip Singh

For Appellant: Shri Robifyain Adv. Sh. Arpit Goyal, CAFor Respondent: Shri Atiq Ahmed, Senior DR

…at the income from letting out of some of business assets of the assessee 2 ITA No.1879/Del./2018 company was in nature of “Income from House Property” by ignoring the ratio decidendi of Hon’ble Supreme Court in case of Universal Plast Limited vs. CIT(1999) 237 ITR 454? 2. Whether in facts and on circumstances of the case, the Ld. CIT(A) is legally justified in allowing relief to the assessee on the basis of its earlier orders in the assessee’s own case by ignoring decision of Hon’ble Apex Court in case of Universal Plast Limited vs. CIT (Supra) and despite the fact that principle of res-judicata is not applica…

DCIT, New Delhi vs. M/S. Kenmore Vikas India (P) Ltd., New Delhi

In the result the appeal of the revenue is dismissed

ITA 2673/DEL/2017[2012-13]Status: DisposedITAT Delhi30 Sept 2020AY 2012-13

Bench: Shri R.K. Panda & Ms Suchitra Kambleasstt. Year 2012-13

For Respondent: Shri Arun Kumar Yadav, Sr. DR
Section 14Section 24

…1961. 2. Ld. CIT (A) has erred in law and on facts in holding the income from letting out of factory building comprising industrial shed & office while ignoring the decision of Hon’ble Supreme Court in the case of M/s. Universal Plast Ltd. & others Vs CIT in 237 ITR 454 which is directly applicable to the facts of the case.” 3. Facts of the case, in brief, are that the assessee is a company engaged in the manufacture of Receiver Driers & manufacturing precision components of Car Air-conditioning Systems. It filed its return of income on 28th September 2012declaring total income of Rs. 1,02,47,70,060/-. During t…

The ACIT, Cochin vs. M/S.Ptl Enterprises Ltd, Cochin

In the result, the appeal filed by the Revenue is dismissed

ITA 84/COCH/2020[2014-15]Status: DisposedITAT Cochin06 Jul 2020AY 2014-15

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri.Mritunjaya Sharma, CIT-DRFor Respondent: S/Sri.Joseph Marcose, Sr.Advocate &
Section 56(2)(ii)

…y for a limited period and receiving rent, such rent is to be treated as income from business. The cases relied upon by the assessee such as 20 ITR 451, 169 ITR 597, 195 ITR 3525, 138 ITR 18, 116 ITR 781, 266 ITR 106, 166 ITR 211, 211 ITR 370, 164 ITR 288 and 237 ITR 454 (mentioned in para 16 of this order) support the case of the assessee. In all these cases, the Hon’ble Supreme Court and various High Courts held that rental income received for a limited period by way of letting out plant and machinery because the assessee was unable to operate on account of some difficulties either obtaining the new materials o…

M/S. Asset Investment Services, Thane vs. ITO-26(1)(2), Mumbai

In the result, appeal filed by the assessee for assessment year 2012-

ITA 332/MUM/2019[2012-13]Status: DisposedITAT Mumbai21 Apr 2020AY 2012-13
For Appellant: Shri Viraj Mehta (AR)For Respondent: Shri Michael Jerald (DR)
Section 143Section 143(3)Section 147Section 148Section 234A

…implication of the proviso to that definition or rule 4(4) of Schedule I to the Act. In our opinion, in the facts and circumstances of this case, question No, 3 should have been answered in the negative. “ 9. In the case of Universal Plast Ltd. v, CIT [1999] 237 ITR 454 (SC), the general principles relating to income from leasing out the assets of the business by an assessee were laid down as under: (i) no precise test can be laid down to ascertain whether income (referred to by whatever nomenclature, lease amount, rent or licence fee) received by an assessee from leasing or letting out of assets) would fall un…

M/S. Asset Investment Services, Thane vs. ACIT-26(1), Mumbai

In the result, all the appeals of the assessee are allowed

ITA 331/MUM/2019[2013-14]Status: DisposedITAT Mumbai28 Jan 2020AY 2013-14

Bench: Shri R.C.Sharma

Section 143(3)Section 22

…implication of the proviso to that definition or rule 4(4) of Schedule I to the Act. In our opinion, in the facts and circumstances of this case, question No, 3 should have been answered in the negative.” 9. In the case of Universal Plast Ltd. v, CIT [1999] 237 ITR 454 (SC), the general principles relating to income from leasing out the assets of the business by an assessee were laid down as under: (i) no precise test can be laid down to ascertain whether income (referred to by whatever nomenclature, lease amount, rent or licence fee) received by an assessee from leasing or letting out of assets) would fall un…

DCIT Cen Cir 1(2), Mumbai vs. Hiranandnani Palace Gardens P.Ltd, Mumbai

In the result, this appeal of Revenue is dismissed

ITA 4392/MUM/2016[2008-09]Status: DisposedITAT Mumbai03 Oct 2019AY 2008-09

Bench: Shri Rajesh Kumar & Shri Ram Lal Negi

For Appellant: Shri B. Srinivas, CIT-DRFor Respondent: Shri Chetan Karia &
Section 145A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “H”, MUMBAI BEFORE SHRI RAJESH KUMAR, ACCOUNTANT MEMBER AND SHRI RAM LAL NEGI, JUDICIAL MEMBER ITA No. A.Y. Appellant Respondent 4392/Mum/16 2008-09 M/s. Hiranandani Palace Gardens Pvt. DCIT, Ltd., Central Circle-1(2), 514, Dalamal Towers, 4393/Mum/16 2010-11 MUMBAI FPJ Marg, Nariman Point, MUMBAI 4394/Mum/16 2011-12 [PAN: AACCC8862H] Appellant by : Shri B. Srinivas, CIT-DR Respondent by : Shri Chetan Karia & Smt. Swati H. Patrawala, ARs Date of Hearing : 12-07-2019 Date of Pronouncement : 03-10-2019 O R D E R PER RAJESH KUMAR, A.M: These appeals filed by…

ACIT, Chennai vs. M/S. Tajmahal Agro Industries Pvt Ltd., Chennai

In the result, the assessee’s appeal for the assessment year 2004-05 & 2006-07 are partly allowed and the appeal for assessment year 2007-08 is dismissed

ITA 1940/CHNY/2010[2007-08]Status: DisposedITAT Chennai09 Sept 2019AY 2007-08

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaraman

For Appellant: Shri S. Sridhar, AdvocateFor Respondent: 11.06.2019
Section 50CSection 80G

…period of almost 6 years, during which time the assessee had not carried out any business activity, cannot be termed to be a temporary phase. The case laws relied upon by the Ld. AR are not directly on the issue. In the case of Universal Plastics Ltd. v. CIT 237 ITR 454, the Hon'ble Supreme Court has held that the lease as a temporary means of exploiting the commercial asset would constitute business income. However, in the case of the assessee there is no end in sight to the lease agreement. The lease started in October, 2002 and is still continuing. It is also seen that in the next assessment year also the lea…

M/S. Tajmahal Agro Industries (P) Ltd., Chennai vs. ITO, Chennai

In the result, the assessee’s appeal for the assessment year 2004-05 & 2006-07 are partly allowed and the appeal for assessment year 2007-08 is dismissed

ITA 1874/CHNY/2010[2007-08]Status: DisposedITAT Chennai09 Sept 2019AY 2007-08

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaraman

For Appellant: Shri S. Sridhar, AdvocateFor Respondent: 11.06.2019
Section 50CSection 80G

…period of almost 6 years, during which time the assessee had not carried out any business activity, cannot be termed to be a temporary phase. The case laws relied upon by the Ld. AR are not directly on the issue. In the case of Universal Plastics Ltd. v. CIT 237 ITR 454, the Hon'ble Supreme Court has held that the lease as a temporary means of exploiting the commercial asset would constitute business income. However, in the case of the assessee there is no end in sight to the lease agreement. The lease started in October, 2002 and is still continuing. It is also seen that in the next assessment year also the lea…

M/S. Tajmahal Agro Industries (P) Ltd., Chennai vs. ITO, Chennai

In the result, the assessee’s appeal for the assessment year 2004-05 & 2006-07 are partly allowed and the appeal for assessment year 2007-08 is dismissed

ITA 1873/CHNY/2010[2006-07]Status: DisposedITAT Chennai09 Sept 2019AY 2006-07

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaraman

For Appellant: Shri S. Sridhar, AdvocateFor Respondent: 11.06.2019
Section 50CSection 80G

…period of almost 6 years, during which time the assessee had not carried out any business activity, cannot be termed to be a temporary phase. The case laws relied upon by the Ld. AR are not directly on the issue. In the case of Universal Plastics Ltd. v. CIT 237 ITR 454, the Hon'ble Supreme Court has held that the lease as a temporary means of exploiting the commercial asset would constitute business income. However, in the case of the assessee there is no end in sight to the lease agreement. The lease started in October, 2002 and is still continuing. It is also seen that in the next assessment year also the lea…

M/S. Tajmahal Agro Industries (P) Ltd., Chennai vs. ITO, Chennai

In the result, the assessee’s appeal for the assessment year 2004-05 & 2006-07 are partly allowed and the appeal for assessment year 2007-08 is dismissed

ITA 1872/CHNY/2010[2004-05]Status: DisposedITAT Chennai09 Sept 2019AY 2004-05

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaraman

For Appellant: Shri S. Sridhar, AdvocateFor Respondent: 11.06.2019
Section 50CSection 80G

…period of almost 6 years, during which time the assessee had not carried out any business activity, cannot be termed to be a temporary phase. The case laws relied upon by the Ld. AR are not directly on the issue. In the case of Universal Plastics Ltd. v. CIT 237 ITR 454, the Hon'ble Supreme Court has held that the lease as a temporary means of exploiting the commercial asset would constitute business income. However, in the case of the assessee there is no end in sight to the lease agreement. The lease started in October, 2002 and is still continuing. It is also seen that in the next assessment year also the lea…

DCIT 10(3)(2), Mumbai vs. Plaza Hotels P.Ltd, Mumbai

In the result, appeal of the revenue is dismissed

ITA 3405/MUM/2017[2012-13]Status: DisposedITAT Mumbai05 Sept 2019AY 2012-13

Bench: Shri G.S. Pannu & Shri Pawan Singhdcit, 10(3)(2), Mumbai Vs Plaza Hotels Pvt Ltd 70-C, Nehru Road Vile Parle (E), Mumbai-99 Pan : Aaacp2117N Appellant Respondednt Appellant By Sh. H.N.Singh Cit-Dr & Sh. Manoj Kumar Sing Sr Dr Respondent By Sh. Arun G. Verma Date Of Hearing 05.09.2019 Date Of Pronouncement 05 -09-2019 O R D E R Per Pawan Singh: This Appeal By Revenue Is Directed Against The Order Of Cit(A)-17

Section 22Section 23

…Shri Lakshmi Silk Mills Ltd., 20 ITR 451 (SC), CIT Vs. Calcutta National Bank Ltd., 37 ITR 171 (SC), CIT Vs. Vikram Cotton Mills Ltd., 169 ITR 597 (SC), Sultan Brothers P, Ltd. Vs. CIT, reported in 51 ITR 353 (SCJ and in case of Universal Plast Ltd, Vs. CIT, 237 ITR 454 (SC). After considering various decisions as mentioned above, the Hon"ble High Court has held that the assessee has given hotel on lease for exploiting business asset and, therefore, the Tribunal was correct in holding that the income from leasing the hotel was income from business. Facts of the case in hand are similar to the facts before the Ho…

Plaza Hotels Pvt. Ltd., Mumbai vs. DCIT, 10(3)(2), Mumbai

In the result, appeal of the revenue is dismissed

ITA 2863/MUM/2018[2013-14]Status: DisposedITAT Mumbai30 Aug 2019AY 2013-14

Bench: Shri R.C. Sharma & Shri Pawan Singh Ay 2013-14 Ay 2014-15

Section 14A

…Shri Lakshmi Silk Mills Ltd., 20 ITR 451 (SC), CIT Vs. Calcutta National Bank Ltd., 37 ITR 171 (SC), CIT Vs. Vikram Cotton Mills Ltd., 169 ITR 597 (SC), Sultan Brothers P, Ltd. Vs. CIT, reported in 51 ITR 353 (SCJ and in case of Universal Plast Ltd, Vs. CIT, 237 ITR 454 (SC). After considering various decisions as mentioned above, the Hon"ble High Court has held that the assessee has given hotel on lease for exploiting business asset and, therefore, the Tribunal was correct in holding that the income from leasing the hotel was income from business. Facts of the case in hand are similar to the facts before the Ho…

Gulmohar Park Mall Pvt. Ltd., Ahmedabad vs. The Dy.CIT, Circle-4, Ahmedabad

In the result, both appeals are allowed as indicated above

ITA 3560/AHD/2015[2011-12]Status: DisposedITAT Ahmedabad27 Aug 2019AY 2011-12
Section 143(3)Section 57Section 57(2)(iii)

…The assessee put reliance on the following case laws: (a) Mazagaon Dock Ltd vs. CIT 34 ITR 368 (SC) (b) B P Ray vs. ITO 129 295 (SC) (c) S.V. Mercantile Corpo (P) Ltd vs. CIT, 83 ITR 700 (SC) (d) CIT vs. Khostla India Ltd , 700 (SC) (e) Universal Plant Ltd, 237 ITR 454 (SC) (f) CIT Vs. Vikram Cotton Mills Ltd, 169 ITR 597 (SC) (g) Balaji Enterprises vs. CIT 225 ITR 471 (Kerala) (h) PFH Mall & Retails Mgt. Ltd. Vs. Asst, CIT 16 GOT 83 (Kolkata lTAT). The above case laws are duly considered but the same are not found acceptable in view of the facts and circumstances of the assessee's case. The assessee’s ease is…

Gulmohar Park Mall Pvt. Ltd., Ahmedabad vs. The Dy.CIT, Circle-4, Ahmedabad

In the result, both appeals are allowed as indicated above

ITA 3559/AHD/2015[2010-11]Status: DisposedITAT Ahmedabad27 Aug 2019AY 2010-11
Section 143(3)Section 57Section 57(2)(iii)

…The assessee put reliance on the following case laws: (a) Mazagaon Dock Ltd vs. CIT 34 ITR 368 (SC) (b) B P Ray vs. ITO 129 295 (SC) (c) S.V. Mercantile Corpo (P) Ltd vs. CIT, 83 ITR 700 (SC) (d) CIT vs. Khostla India Ltd , 700 (SC) (e) Universal Plant Ltd, 237 ITR 454 (SC) (f) CIT Vs. Vikram Cotton Mills Ltd, 169 ITR 597 (SC) (g) Balaji Enterprises vs. CIT 225 ITR 471 (Kerala) (h) PFH Mall & Retails Mgt. Ltd. Vs. Asst, CIT 16 GOT 83 (Kolkata lTAT). The above case laws are duly considered but the same are not found acceptable in view of the facts and circumstances of the assessee's case. The assessee’s ease is…

DCIT, New Delhi vs. M/S. Modi Industries Ltd., Uttar Pradesh

In the result, the appeal of the Revenue is dismissed

ITA 1867/DEL/2017[2012-13]Status: DisposedITAT Delhi10 Jul 2019AY 2012-13

Bench: Sh. Bhavnesh Sainidr. B. R. R. Kumarita No. 1867/Del/2017 : Asstt. Year : 2012-13 Dcit, Vs M/S Modi Industries Ltd., Circle-17(1), Modi Nagar, Ghaziabad Road, New Delhi U.P.-201204 (Appellant) (Respondent) Pan No. Aaacm2063Q Assessee By : Sh. Vibhu Gupta, Ca Revenue By : Ms. Rinku Singh, Sr. Dr Date Of Hearing: 10.07.2019 Date Of Pronouncement: 10.07.2019 Order Per Dr. B. R. R. Kumar:

For Appellant: Sh. Vibhu Gupta, CAFor Respondent: Ms. Rinku Singh, Sr. DR
Section 14ASection 22Section 28

…s legally justified in holding that the income from letting out of some of business assets of the assessee company was in nature “Income from House property” by ignoring ratio decidendi of Hon’ble Supreme Court in case of Universal Plast Limited vs CIT (1999) 237 ITR 454? 2. Whether in the facts and on circumstances of the case, the Ld. CIT(A) is legally justified in allowing relief to the assessee on the basis of its earlier orders in the assessee’s own case by ignoring decision of Hon’ble Apex Court in case of Universal Plast Limited vs CIT (Supra) and despite the fact that principle of res-judicata is not appl…