Case Law Details
Citi Centre Premises Co-Op. Society Ltd. Vs ITO (ITAT Mumbai)
The issue in dispute in that case as per the Para reproduced from the Tribunal’s order above is regarding rent received from Reliance Telecom and in that case also, the assessee claimed a deduction u/s. 24 (a) of Rs. 1.65 Lakhs being 30% of such rental amount of Rs. 5.50 Lakhs. AO disallowed the same by holding that if income is liable to be taxed as income from other sources and not under the head Income from House Property. He made disallowance of the claim for deduction u/s. 24 (a) of the Act. Aggrieved, assessee carried the matter in appeal before the CIT(A). He did not succeed and assessee again carried the matter before the Tribunal. The Tribunal at Para 6 of its order as reproduced above, followed another order of the Tribunal rendered in the case of Sharda Chambers Premises Co. Op. Society Ltd., Vs. ITO in ITA No. 1234/Mum/2008, dt. 01-09-2009 and decided the issue in favour of the assessee and held that income from letting out of the terrace has to be assessed under the head ‘income from house property’ subject to deduction u/s. 24 of the Act as against income from other sources as assessed by the AO. Since in the present case, the facts in dispute are identical and no difference in facts could be pointed out by the Ld. DR of the Revenue, respectfully following this order of the Tribunal, I decide the issue in favour of the assessee. Respective Grounds are allowed.
FULL TEXT OF THE ITAT JUDGEMENT
Both these appeals are filed by the assessee, which are directed against the combined order of the Ld. Commissioner of Income Tax (Appeals)-42, Mumbai, dated 28-02-2018, for the AYs. 2013-14 & 2014-15. Since the facts and issues involved in these appeals are common and identical, both these appeals were heard together and are being disposed by way of this common order for the sake of convenience.
2. The grounds raised by the assessee for the AY. 2013-14 are as under:
Please become a Premium member. If you are already a Premium member, login here to access the full content.
