THE DCIT, CENTRAL CIRCLE-1(1),, AHMEDABAD vs. M/S. VENUS INFRASTRUCTURE & DEVELOPERS PVT. LTD.,, AHMEDABAD

In the result, the appeal of the Revenue is hereby dismissed

Bench: Ms Suchitra Kamble & Shri Waseem Ahmedआयकरअपीलसं./Ita Nos. 37 & 38/Ahd/2021 धििाधरणणवध/Asstt. Years: 2008-09 & 2017-18 D.C.I.T, M/S Venus Infrastructure & Central Circle-1(1), Vs. Developers Pvt. Ltd., Ahmedabad 1101 Venus Amadeus, Jodhpur Cross Road, Ahmedabad-380015. Pan: Aahcs6254J (Applicant) (Respondent) Revenue By : Shri Akhilendra Pratap Yadaw Assessee By : Shri Tushar Hemani, Sr. Advocate With Shri Parimalsinh B. Parmar & Shri Vijay Govani A.Rs सुिणाईकीतारीख/Date Of Hearing : 08/02/2024 घोवणाकीतारीख/Date Of Pronouncement: 14/02/2024 आदेश/O R D E R Per Waseem Ahmed: The Captioned Two Appeal Have Been Filed At The Instance Of The Revenue Against The Order Of The Learned Commissioner Of Income Tax (Appeals)-11, Ahmedabad, Of Even Dated 20/01/2021 Arising In The Matter Of Assessment Order Passed Under S. 147 R.W.S. 143(3) & 143(3) Of The Income Tax Act 1961 (Here- In-After Referred To As "The Act") Relevant To The Assessment Years 2008-09 & 2017-18. First, We Take Up Ita No. 38/Ahd/2021, An Appeal By The Revenue For Ay 2017-18

Income from house property". We find from a perusal of Sec. 22 of the Act that the ,,annual value" of any property consisting of any building or land appurtenant thereto of which the assessee is the owner, other than such portions of such property as he may occupy for the purposes of any business

THE DY.COMMISSIONER OF INCOME TAX.,ANAND CIRCLE,, ANAND vs. NATIONAL DAIRY DEVELOPMENT BOARD, ANAND

In the result, Ground No. 7 of the assessee’s appeal is allowed for statistical purposes

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar

business asset but an investment, such rental income would be chargeable to tax under head ‘Income from house property’ and not as ‘business

THE ACIT,ANAND CIRCLE,, ANAND vs. NATIONAL DAIRY DEVELOPMENT BOARD, ANAND

In the result, Ground No. 7 of the assessee’s appeal is allowed for statistical purposes

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar

business asset but an investment, such rental income would be chargeable to tax under head ‘Income from house property’ and not as ‘business

NATIONAL DAIRY DEVELOPMENT BOARD,,ANAND vs. THE ASSTT. COMMISSIONER OF INCOME TAX, ANAND CIRCLE,, ANAND

In the result, Ground No. 7 of the assessee’s appeal is allowed for statistical purposes

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar

business asset but an investment, such rental income would be chargeable to tax under head ‘Income from house property’ and not as ‘business

NATIONAL DAIRY DEVELOPMENT BOARD,,ANAND vs. THE ACIT.,ANAND CIRCLE,, ANAND

In the result, Ground No. 7 of the assessee’s appeal is allowed for statistical purposes

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar

business asset but an investment, such rental income would be chargeable to tax under head ‘Income from house property’ and not as ‘business

NATIONAL DAIRY DEVELOPMENT BOARD,ANAND vs. THE DY.CIT, ANAND CIRCLE, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

Bench: DR. BRR Kumar, Vice President\nAnd Shri T. R. Senthil Kumar (Judicial Member)

business asset but an investment, such rental income would be chargeable to tax under head ‘Income from house property' and not as 'business

NATIONAL DAIRY DEVELOPMENT BOARD,ANAND vs. THE DY.CIT, ANAND CIRCLE, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

Bench: DR. BRR Kumar (Vice President), Shri T. R. Senthil Kumar (Judicial Member)

business asset but an investment, such rental income would be chargeable to tax under head ‘Income from house property’ and not as ‘business

NATIONAL DAIRY DEVELOPMENT BOARD,ANAND vs. THE DY.CIT, ANAND CIRCLE, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

Bench: DR. BRR Kumar (Vice President), Shri T. R. Senthil Kumar (Judicial Member)

business asset but an investment, such rental income would be chargeable to tax under head ‘Income from house property’ and not as ‘business

NATIONAL DAIRY DEVELOPMENT BOARD,ANAND vs. THE DY.CIT, ANAND CIRCLE, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

Bench: DR. BRR Kumar (Vice President), Shri T. R. Senthil Kumar (Judicial Member)

business asset but an investment, such rental income would be chargeable to tax under head ‘Income from house property’ and not as ‘business

NATIONAL DAIRY DEVELOPMENT BOARD,ANAND vs. THE DY.CIT, ANAND CIRCLE, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

Bench: DR. BRR Kumar (Vice President), Shri T. R. Senthil Kumar (Judicial Member)

business asset but an investment, such rental income would be chargeable to tax under head ‘Income from house property’ and not as ‘business

NATIONAL DAIRY DEVELOPMENT BOARD,ANAND vs. THE DY.CIT, ANAND CIRCLE, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

Bench: DR. BRR Kumar (Vice President), Shri T. R. Senthil Kumar (Judicial Member)

business asset but an investment, such rental income would be chargeable to tax under head ‘Income from house property’ and not as ‘business

ACIT, ANAND CIRCLE, ANAND, ANAND vs. NATIONAL DAIRY DEVELOPMENT BOARD, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

Bench: DR. BRR Kumar (Vice President), Shri T. R. Senthil Kumar (Judicial Member)

business asset but an investment, such rental income would be chargeable to tax under head ‘Income from house property’ and not as ‘business

ACIT,ANAND CIRCLE, ANAND, ANAND vs. NATIONAL DAIRY DEVELOPMENT BOARD, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

Bench: DR. BRR Kumar (Vice President), Shri T. R. Senthil Kumar (Judicial Member)

business asset but an investment, such rental income would be chargeable to tax under head ‘Income from house property’ and not as ‘business

ACIT, ANAND CIRCLE, ANAND, ANAND vs. NATIONAL DAIRY DEVELOPMENT BOARD, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

Bench: DR. BRR Kumar (Vice President), Shri T. R. Senthil Kumar (Judicial Member)

business asset but an investment, such rental income would be chargeable to tax under head ‘Income from house property’ and not as ‘business

ACIT, ANAND CIRCLE, ANAND, ANAND vs. NATIONAL DAIRY DEVELOPMENT BOARD, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

Bench: DR. BRR Kumar (Vice President), Shri T. R. Senthil Kumar (Judicial Member)

business asset but an investment, such rental income would be chargeable to tax under head ‘Income from house property’ and not as ‘business

GALAXY DEVELOPERS,AHMEDABAD vs. THE ACIT., CIRCLE-7(2), AHMEDABAD

In the result, the Appeal of the assessee is allowed

Income from house property.”\nITA No.1445/Ahd/2024\n11\nTo invoke section 22, the following three conditions must be cumulatively satisfied:\n1. The property must consist of a building or land appurtenant thereto\n2. The assessee must be the owner of the said property\n3. The property must not be used for the purposes of business

ACIT, ANAND CIRCLE, ANAND, ANAND vs. NATIONAL DAIRY DEVELOPMENT BOARD, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

Bench: DR. BRR Kumar, Vice President\nAnd Shri T. R. Senthil Kumar (Judicial Member)

house property' and services receipts as ‘income from other\nsources'.\nas\n25. Accordingly, in view of the facts of the case, we find no infirmity in\nthe order of Ld. CIT(A) in holding that the income earned from letting out\nbuildings on rent qualifies as “rental income\" and does not qualify as\n"business

ACIT, ANAND CIRCLE, ANAND, ANAND vs. NATIONAL DAIRY DEVELOPMENT BOARD, ANAND

In the result, the appeals filed by the Revenue in ITA Nos

Bench: DR. BRR Kumar, Vice President\nAnd Shri T. R. Senthil Kumar (Judicial Member)

house property' and services receipts as ‘income from other\nsources'.\n\nas\n\n25. Accordingly, in view of the facts of the case, we find no infirmity in\nthe order of Ld. CIT(A) in holding that the income earned from letting out\nbuildings on rent qualifies as “rental income" and does not qualify as\n"business