Case Law Details
Case Name : Assistant Commissioner of Income-tax Vs Palmshore Hotels (P.) Ltd. (ITAT Cochine)
Related Assessment Year : 2005-06
Courts :
All ITAT ITAT Cochin
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Intention of the parties to be considered to decide if lease/rental income is to be treated as HP income or business income
IN THE ITAT COCHIN BENCH
Assistant Commissioner of Income-tax
Versus
Palmshore Hotels (P.) Ltd.
IT APPEAL NO. 249 (COCH.) OF 2011
[ASSESSMENT YEAR 2005-06]
SEPTEMBER 14, 2012
ORDER
B.R. Baskaran, Accountant Member
The appeal of the revenue is directed against the order dated 27-01-2011 passed by the Ld. CIT(A)-I, Trivandrum and it relates to the assessment year 2005-06.
2. The solitary issue urged in this appeal is whether the Ld. CIT(A) is justified i...
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This ruling is completely oposite to the provisions of income tax act. it needs to be reversed by the high court.
I AM NOT AT ALL AGREE WITH THIS RULLING..
AS INTENTION O ASSESSEE IS OF BUSINESS, THE CONTENTION OF ASSESSEE IS CORRECT TO BE TAKEN UNDER BUSINESS …
NOT UNDER HP…I THINK HP INCOME SHOULD ONLY INCLUDE LETTING OUT THE RESIDENTIAL PROPERTY…..NOT COMMERCIAL PROPERTY…