[aaykarbhavan] Rent from letting out of flat with amenities was income from house property in absence of any business activity

Rent from letting out of flat with amenities was income from house property in absence of any business activity

May 20, 2014[2014] 44 taxmann.com 431 (Agra - Trib.)

IT: Where assessee entered into an agreement to let out a floor with various amenities, in view of fact that assessee did not involve in any kind of recurring, systematic and organized business activity and, moreover, in respect of maintenance and upkeeping of floor, it appointed only one person, Assessing Office was justified in treating rental income assessable as 'income from house property' and services receipts as 'income from other sources'

IT: Principle of res judicata is not applicable to decision of revenue authorities and, therefore, decisions given in an assessment for an earlier year are not binding either on assessee or on department in a subsequent year

 

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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