Case Law Details
DECIDED BY: HIGH COURT OF KARNATAKA, IN THE CASE OF: Prabhashankar Plaza Vs. ITO, APPEAL NO: ITA No. 2612/2005, DECIDED ON February 16, 2010
______JUDGMENT_______
In this appeal, the assessee has challenged the order dated 4.2.2005 passed in 1TA 222, 223, 1057 and 1058 / Bang/2002 passed by the Income Tax Appellate Tribunal, Bangalore Bench and has sought for the benefit of the doctrine of mutuality in the instant case.
The facts of the case are that the appellant assessee is a partnership firm carrying on the business as property developers, traders in general merchandise and as commission agents. The partnership firm pools the resources of all the partners and carries on its business. According to the
assessee. The firm owns a building and the same has been rented out to two of its partners on a monthly rent of Rs.2.50,000/- Apart from the rental income, the firm also sets interest income from the other partners. The partnership deed and we supplementary partnership deed are annexed as annexures B and B1 to the memorandum of the appeal.
Please become a Premium member. If you are already a Premium member, login here to access the full content.
