Reopening u/s 263 justified in case AO ignored the fact that assessee shown business income while he cease to be in business by letting out his entire factory premises

Brief of the Case ITAT Pune held In the case of M/s Jagdamba Sahakari Sakhar Karkhana Ltd. vs. CIT that it is not justified to show the rental income from the leasing out of its entire factory premises and industrial unit as income from business & profession as the assessee has not carried out any business of its own even in the preceding 5 years. Also the lease agreement does not show any intention of the assessee to resume the business in future. Accordingly it was decided that income should be classified as income from house property and the assessee is not entitled to set off previous ...