Case Law Details
DCIT Vs Pfizer Ltd (ITAT Mumbai)
AO treated the rental income of Rs. 5,47,89,000/- received by the assessee from subleasing of commercial properties as income from business as against claim of the assessee being income from house property on the ground that renting out of premises amounts to commercial exploitation for business purpose by the assessee. However, Ld. CIT(A) by relying on the order passed by Tribunal in assessee‟s own case for AY 1998-99, 1999-00, 2000-01 and 2001-02 qua identical issues deleted the additions.
We have perused the order passed by Ld. CIT(A) who has duly thrashed the facts that when the period of lease exceeds 12 years (including renewal period), it could be considered as the „deemed owner of the property‟ within the meaning of section 27(iiib) r.w.s. 269UA(f) of the Act. So, we find no scope to interfare into the findings rendered by Ld. CIT(A). Consequently, this Ground is determined against revenue.
FULL TEXT OF THE ORDER OF ITAT MUMBAI
The Assistant Commissioner of Income Tax, Range(2), Mumbai [hereinafter referred to as the revenue] by filing of aforesaid appeal sought to set aside impugned order passed by AO u/s 143(3)/144C(13) for AY 2004-05 on the grounds interalia that:-
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