Case Law Details
Knight Raj Properties P Ltd. Vs ITO (ITAT Mumbai)
This is an appeal by the assessee directed against order of learned CIT(A)-17, Mumbai, dated 20.02.2017 and pertains to assessment year 2012-13.
2. The grounds of appeal read as under:
1. The Ld. CIT(A) erred in confirming the action of the Ld. A.O. in making addition of Rs.12,07,252/- by treating the compensation received from terrace antenna and hall booking as “Income from Other Sources ” instead of “Business Income” without appreciating facts and circumstances of the case. Thus, the addition of Rs.12,07,252/- is unjustified and the same may be deleted.
2. The Ld. CIT (A) failed to appreciate that the compensation received by the Appellant for letting of terrace and hall constitutes the business activity of the Appellant. Hence, treating the “Business Income ” amounting to Rs.12,07,252/- as “Income from Other Sources” is not at all justified and the same may be deleted.
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