PCIT Vs M/s. Sakthi Sugers Ltd. (Madras High Court)
Issue- Whether the Appellate Tribunal is right in allowing the rental income of the assessee as ‘business income’ instead of ‘income from house property‘ when the principal object of the assessee company is not letting out of properties ?
When this matter came up for hearing on 08.12.2017, we posed a question to the learned Senior Standing Counsel for the Revenue as to whether the Department accepted the earlier decision of the Tribunal in the assessee’s own case for the assessment year 2008-09. The learned Senior Standing Counsel sought for an adjournment to verify the facts. Today, when the case is taken up for hearing, it is reported that the Department accepted the earlier order of the Tribunal in the assessee’s own case for the assessment year 2008-09 and that no appeal has been filed against that order. Thus, we find that the substantial questions of law have to be answered in favour of the assessee and against the Revenue.
In the light of the earlier decision of the Tribunal dated 30.1.2015 in the assessee’s own case for the assessment year 2008-09, which has attained finality, the above tax case appeal is dismissed. No costs.
FULL TEXT OF THE HIGH COURT ORDER / JUDGMENT
