SMARTS (P) LTD. Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) RELEVANT to the asst. yr. 1980 -81, the following two questions of law have been referred for our opinion :

(2.) INSOFAR as the second question is concerned, learned counsel for the assessee does not press this question and therefore the reference is returned unanswered to this extent.

(3.) INSOFAR as the first question is concerned, it appears that assessee had sub -let the premises in its occupation. As a result of the sub -letting it had earned an income of Rs. 86,500. This has been assessed by the AO as income from house property. According to the assessee it ought to have been assessed as business income. It appears that no such argument was taken before the AO nor was any such argument taken before the CIT(A). For the first time the assessee sought to raise this argument by way of an additional ground before the Tribunal.