Case Law Details
ITO Vs. M/s Natraj Vinimay Pvt. Ltd. (ITAT Kolkata)
Assessee is not owner of the property and had merely sublet the same to another person the said property was not shown in the books of accounts of the assessee. Since, the assessee is not the owner of the property the said rental income cannot be held as income from house property. Since, the assessee was not engaged in the business of subletting, the same cannot be construed as business income of the assessee. Accordingly, ITAT upheld the action of the assessee by treating the rental income as income from other sources.
FULL TEXT OF THE ITAT ORDER IS AS FOLLOWS:-
1. This appeal by the Revenue arises out of the order of the Learned Commissioner of Income Tax (Appeals)-9, Kolkata [ in short the ld CITA] in Appeal No. 574/CIT(A)- 9/Ward-6(3)/2014-15/Kol dated 06.04.2016 against the order passed by the ITO, Ward6(3), Kolkata [ in short the ld AO] under section 143(3) of the Income Tax Act, 1961 (in short “the Act”) dated 29.12.2011 for the Assessment Year 2009-10.
2. The only issue to be decided in this appeal is as to whether the ld CITA was justified in deleting the addition of Rs. 12,94,60,000/- by treating the share trading loss as speculative loss, in the facts and circumstances of the case.
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