JYOTI ESTATE Vs. DY C I T

JUDGEMENT

(1.) BEING aggrieved and dissatisfied with the impugned judgment and order passed by the Income Tax Appellate Tribunal, Ahmedabad Bench (hereinafter referred to as 'the Tribunal') dated 25.01.2002 in ITA Nos. 1650/A/95, 1651/A/95, 1652/A/95, 1653/A/95, 1654/A/95, 1655/A/95 and 353/A/96 for the Assessment Years 1986 -87, 1987 -88, 1988 - 89, 1989 -90, 1990 -91, 1991 -92 and 1992 -93 respectively, the revenue has preferred the present Tax Appeals for consideration of the following substantial question of law which were framed while admitting the matters:

(2.) THE appellant, a partnership firm, is engaged mainly in the business of letting out warehouses/godowns for storage purposes and also is in the business of transportation of fertilizers. The appellant firm had filed its return of income for the assessment years in question claiming the rental income from warehouse as business income. However, the assessment officer held that the income from letting out the warehouse/godown was not assessable as business income but was 'income from house property'. On appeal the CIT (Appeals) held that the income from letting out of warehouses was assessable as business income.

(3.) ON appeal before the ITAT by the revenue, by impugned judgment and order, ITAT allowing the appeal held that the rental income derived from letting out of warehouses/godowns was liable to be taxed as income from house property and not as income from business. Being aggrieved and dissatisfied with the impugned judgment and order passed by the ITAT, the assessee has preferred the present Tax Appeals for consideration of the aforesaid substantial questions of law.