Commissioner of Income Tax v. Select Infrastructure Pvt. Ltd.

(1) Whether Income Tax Appellate Tribunal was right in bifurcating and dividing the income into two heads - 'income from business' and 'income from house property'? Learned counsel for respondent has stated that they are not claiming any depreciation for building. The depreciation is being claimed on the plant and equipment installed in the common area for which the assessee charges common area maintenance charges. We are not inclined to frame any substantial question of law on whether the amount paid on account of debentures issued should be treated as amount paid by the holding companyfor acquisition ofshare capital. Filing ofpaper book is dispensed with. However,liberty is granted to the parties to file papers which were part ofthe assessment proceedings or the appellate proceedings within ten weeksfrom today. It appears that by mistake Revenue has not preferred any appeal for the assessment year 2009-10 and ITA Nos. 535/2018, 872/2018 and 903/2018 have been filed for the assessment years 2008-09. ITA No.535/2018 would be treated as the appeal for the assessment year 2008- 09including appeal arising out ofcross-objections. Learned Senior Standing Counsel for the Revenue states that he would be taking steps to file appeal for the assessment year 2009-10. Appeal when filed would be examined. To be shown in'Regulars'as per its own turn. 1 ITA No.872/2018 &&ITA No.903/2018 ITA No. 872/2018 and 903/2018 would be treated as disposed of without prejudice to the rights and contentions of the parties in ITA No.535/2018.

SANJIV KHANNA,J. ANUP JAIRAM BHAMBHANI,J. DECEMBER 05,2018 SR