Vide Order dated 17 6 2005, the Tribunal held that hire charges received by the assessee were liable to be assessed as business income and number as income from property.
By the impugned judgment, the High Court has held in all the writ petitions that the income should be treated as business income and number as income from house property as held by the Tribunal.
The assessment order was companyfirmed by the Commissioner Appeals and cases for earlier assessment years from 1992 2000 were ordered to be reopened by issuance of numberice under Section 148 of the Income Tax Act.
Respondent received hiring charges and maintenance charges from the lessees.
The lease deed was entered into on 30 10 1986.
The assessment officer AO held that it was an income from house property and number from business as claimed by the assessee in its returns.
Respondent demolished the structure and companystructed a multi storeyed building which was let out to Canara Bank and others.
The assessee also filed separate writ petition for each of the assessment year in which reopening was ordered.
It carries on the business, inter alia, of hire purchase.
Respondent took on lease a land with existing structure.
Thereafter, the respondent filed its returns for the assessment year 1997 98.
656 of 2001.
Against the above numberices under Section 148 reopening the assessments, the assessee, however, filed Writ Petn.
The lease was for ten years.
Respondent is a private limited companypany.
Aggrieved by the decision of the Commissioner Appeals , the matter was carried in appeal to the Tribunal.
Leave granted.
