Case Law Details
Deep Multiplex Pvt. Ltd. Vs ITO (ITAT Ahmedabad)
The assessee consistently followed that the income derived from the lease charges on the multiplex is a business income of the assessee in earlier years as well as in the present year. The assessee has filed appeal before the Tribunal which on merit, the assessee has succeeded. The CIT(A) has agreed that the issue on merit is covered in favour of the assessee despite that confirmed the addition on the ground that the assessee agreed during the assessment proceedings that the same comes under the head income from other sources. The reliance on the decision of Hon’ble Gujarat High Court in case of S. R. Kosthi (Supra) is relevant in the present case as the Hon’ble High Court has specifically held that if the assessee under a mistake, misconception or on not being properly instructed, is over-assessed, the authorities under the Act are required to assist him and ensure that only legitimate taxes due are collected. Therefore, in light of the decision of the Tribunal in assessee’s own case for A.Y. 2012-13 the issue on merit has been decided in favour of the assessee, therefore, we held that it was a business exploitation by the assessee in respect of lease charges on multiplexes which tantamount to business income.
FULL TEXT OF THE ORDER OF ITAT AHMEDABAD
Both appeals filed by the assessee are directed against the orders passed by the Ld. CIT(A)-1, Vadodara on 11.03.2020 for Assessment Years 2015-16 & 2016-17.
2. The grounds of appeal raised by the assessee in ITA No. 307/Ahd/2020 for A.Y. 2015-16 read as under:
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