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Case Law Details

Case Name : The Income-tax Officer Vs M/s Anjaneya Infrastructure Projects Pvt. Ltd. (ITAT Bangalore)
Appeal Number : ITA No. 2509/Bang/2017
Date of Judgement/Order : 23/03/2018
Related Assessment Year : 2013-14
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ITO Vs M/s Anjaneya Infrastructure Projects Pvt. Ltd. (ITAT Bangalore)

The appellant has not recovered major cost of the building and infrastructure and further provided a host of services/ specific requirements as its own cost. Hence we are of the opinion that warehouses constructed by the assessee are commercial assets and leasing out commercial property constitutes business income.

The question for consideration before us is regarding the treatment of income from letting out of warehouse; whether as ‘business income’ as returned by the assessee or as ‘income from house property’ as was the view of the AO. We find that this very issue has been considered and decided by a co-ordinate bench of this Tribunal in favour of the assessee by holding that lease rental income from letting out of warehouse constitutes business income, in its order in ITA No.693/Bang/2015 dated 5/8/2016 in the assessee’s own case for asst. year 2011-12.

FULL TEXT OF THE ITAT ORDER IS AS FOLLOWS:-

This appeal by Revenue is directed against the order of the CIT(A)-1, Bangalore dated 31.7.2017 for Assessment Year 2013-14.

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