Gala Foods P Ltd Mumbai v. Ito 7 1 1

In The Income Tax Appellate Tribunal Smc Bench Mumbai Before Shri R C Sharma Am Ita No 7194 Mum 20 1 6 Assessment Year 2012 13 M S Gala Foods Pvt Ltd 12 Shivaji Fort Chs Ltd N S Mankikar Marg Sion E Mumbai 400 022 Vs Ito 7 1 1 Mumbai Pan Gir No Aaacg 3668 D Appellant Respondent Assessee By Shri G C Lalka Revenue By Shri S K Mitra Date Of Hearing 07 09 201 7 Date Of Pronounceme Nt 04 12 201 7 O R D E R Per R C Sharma A M This Is An Appeal Filed By The Assessee Against The Order Of Cit A 13 Mumbai Dated 27 09 2016 For The A Y 2012 13 In The Matter Of Order Passed U S 143 3 Of The It Act 2 Grievance Of Assessee Relates To Treat Ment Of Income From Warehouse As Income From House Property In Place Of Income Offered Under The Head Business And Profession 3 Rival Contentions Have Been Heard And Record Perused 4 Facts In Brief Are That The Assessee Company Owns A Warehouse At Th E Midc Ttc Industrial Area Rabale Navi Mumbai The Assessee Had Received Warehousing Charges To The Tune Of Rs 47 99 Lakhs From One M S Om Waterhousing The Assessee Offered Warehousing Charges As Ita No 7194 Mum 2016 M S Gala Foods Pvt Ltd 2 Income From Business However Ao Treated The Same As Inc Ome From House Property And Disallowed Assessees Claim Of Depreciation I Found That Assessee Activities Of Giving Warehousing Facility Are Complex Commercial Activities Accordingly Commercial Exploitation Of Property By Way Of Complex Commercial Activi Ties Leads To Income From Business And Not To Income From House Property As The Income Is Liable To Be Assessed As Income From Business Assessees Claim Of Depreciation Is Liable To Be Allowed Against Such Income I Direct Accordingly 5 In The Result Appeal Of The Assessee Is Allowed O Rder Pronounced In The Open Court On This 04 12 2017 S D R C Sharma Accountant Member Mumbai Dated 04 12 201 7 Karuna Sr Ps Copy Of The Order F Orwarded To By Order Asstt Registrar Itat Mumbai 1 The Appellant 2 The Respondent 3 The Cit A Mumbai 4 Cit 5 Dr Itat Mumbai 6 Guard File True Copy