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Dropadi Properties (P) Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2007)108TTJ(Kol.)774

1. The above two appeals filed by the assessee are directed against the separate orders dt. 12th Dec, 2005 of the learned CIT(A)-VII, Kolkata, relating to asst. yrs. 2001-02 and 2002-03, respectively. Since grounds are identical in both the appeals, therefore, these are disposed of in this common order for the sake of convenience. ITA No. 302/Kol/2006 (asst yr. 2001-02): 2. The facts in brief are that the assessee filed the return of income on 30th Oct., 2001 declaring the total income at Rs. 4,66,140 which was processed under Section 143(1)(a) on 27th Dec, 2002. Subsequently, in response to notice under Section 148, the assessee requested the AO to accept the original return as return filed in response to notice under Section 148. The AO during the course of assessment proceedings found that the assessee earned rental income of Rs. 16,62,817.64 which was the only income of the assessee. However, he found that the assessee claimed this income as business income and claimed the various...