Leased Rent for Open Land Taxable under Income from Other Sources

Sh. Naresh Kumar Anand HUF Vs Pr. CIT (ITAT Jalandhar) Facts: Notice u/s 148 was issued on 09.02.2009 on the point that M/s. L&T paid an amount of INR 14 Lakhs to the assessee as lease rent for land which was declared by the assessee in its return under the head ‘Income from House Property’ after claiming deduction of INR 4,17,145 u/s 2(a). AO contented that since lease rent was received for ‘open land’ the same is taxable under the head ‘Income from other sources’ and likewise disallowed deduction of INR 4,17,145. Assessee submitted that there was a building on the leased land...