Case Law Details
Case Name : Kohinoor Industrial Premises Co– operative Society Ltd. Vs ITO (ITAT Mumbai)
Related Assessment Year : 2013–14
Courts :
All ITAT ITAT Mumbai
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Kohinoor Industrial Premises Co– operative Society Ltd. Vs ITO (ITAT Mumbai)
Undisputedly, the assessee has derived rental income from letting out space in the terrace of the building to mobile companies for installing their mobile tower / antenna. It is also a fact that the assessee has offered such rental income as income from house property and has claimed deduction under section 24(a) of the Act. The Assessing Officer has rejected assessee’s claim and treated the rental income as income from other sources basically for three reasons. Firstly, the assessee is not owner of the building; ...
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OFFHAND
It is a paradox that the Revenue has chosen to, impudently so, – albeit not for the first time, in the history of income-tax regime/ administration -chosen to play the role of a ‘devil’s advocate’ ‘, make a somersault (figuratively) , by malking an unsucessful attempt to ‘DOWN date’ (as opposed to UPdate) its stance based on an interpretation of the applicable provisions. Has daringly done so obviously bypassing the diagonally contradicting stance taken in the line of cases as eventually disposed of by / covered in the SC JUdgment in Podar Cement’s case.
For More , and a better appreiciation of why to say so, suggest to look back and meticulously go throgh the critique of that SC Judgment as shared in a published article on this very website.
What is no less surprising is that the referred land mark judgment , in its favour, has not even been cited on the assessee’s behalf; so much so, the ITAT had no opportunity to consider why the point of issue had to be necessarily decided, in any view, only against the Revenue, as done now .