HARIKRISHNA FAMILY TRUST Vs. A C I T

JUDGEMENT

(1.) TAX Appeal No. 124 of 2002 and Tax Appeal No.125 of 2002 are not listed for final hearing on today's Board. However, questions involved in all the four tax appeals are identical and they are in respect of the same assessee, the papers are called for and they are being disposed of by this common judgment. Even the parties have no objection in calling for the papers and deciding together.

(2.) ALL the four tax appeals are filed by the assessee and assessment years involved are 1988 / 89, 1990 / 91, 1991 / 92 and 1992 / 93. All the four appeals were admitted by this Court on 14.03.2002 and following substantial questions of law were formulated for the determination and consideration of this Court : - Whether, on the facts and circumstances of the case, the Tribunal was justified in holding that the rental income earned by the assessee trust was "Income from Business" and not "Income from House Property" or "Income from other sources" ? Whether, on the facts and circumstances of the case, the rental income from the hire of the building is taxable as "Income from other sources" or "Income from House Property" or "Income from Business" ? Whether, the Tribunal was right in law in holding that the assessee was doing business on the facts of the case ?

(3.) IN the appeal memo of all the four appeals, the appellant assessee has pointed out that in its own case for earlier years, the above referred questions were formulated in I.T.R. No. 20 of 1997 for the assessment years 1986 / 87, 1987 / 88 and 1989 / 90. I.T.R. No. 20 of 1997 is heard and disposed of by this Court on 25.02.2008.