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This appeal by assessee is directed against the order of Ld. CIT (A)-4, Mumbai dated 29.01.2020 passed u/s. 250 of the Income Tax Act, 1961 (in short Balaji Infrastructure & Development Company Limited 'the Act') for A.Y. 2013-14. The assessee has raised the following grounds of appeal:-

The grounds of appeal set out below are without prejudice to each other:

1.(a)On the facts and in the circumstances of the case and in the law, the learned Assessing Officer erred in adding twice a sum of Rs. 1,20,00,000/- by not reducing the income under the head "Income from Business and profession" the items considered separately/under other head of incomes of the Income Tax Act, 1961 which is wrong and contrary to the facts and circumstances of the case, provisions of the Income Tax Act, 1961 and Rules made there under.

Balaji Infrastructure & Development Company Limited

4. On the facts and in the circumstances of the case and in laws, the learned Assessing officer erred in charging interest u/s. 234B of Rs. 18, 14,400/- which is wrong and contrary to the facts and circumstances of the case, provisions of the Act and rules made thereunder.

The Appellant Craves leave to add, Amend, alter, Modify and/or delete any of the above grounds of appeal on or before the date of hearing.

2. The brief facts of the case are that the assessee company is involved in the business of Infrastructure development and consultancy, and filed its return of income on 30-09-2013 declaring a total loss at Rs.(-)89,93,192/-. The case of the assessee was selected for scrutiny under CASS and notice u/s. 143(2) of the Act was issued on 04-09-2014. The assessee filed a revised computation of income on 07-01-2016 claiming enhanced loss at Rs. (-) 10, 27, 34,909/-. The case of the assessee was assessed at Rs. 2,04,56,860/- against the loss claimed of Rs. (-) 10,27,34,909/-.The assessee being aggrieved with this order of the AO, preferred an appeal before the Ld. CIT(A), who in turn partly allowed the appeal and for the rest of the issues confirmed the order of the AO. The Assessee being further aggrieved preferred the present appeal before us.

3. We have gone through the order of the AO, the order of the Ld. CIT (A) and submissions of the assessee along with grounds raised before us. Ground No. 1 with its sub grounds pertains to the income of Rs. 1.2 Crore declared by the assessee under the head 'House Property' and consequent claim of standard Balaji Infrastructure & Development Company Limited deduction of Rs. 36 lakhs u/s. 24 of the Act. On this issue, AO and Ld. CIT (A) observed that the value of this property as shown in the balance sheet was Rs. 60 lakhs and as per them, any property with value of Rs. 60 lakhs only cannot fetch and annual rent of Rs. 1.2 crore which is 200% return on the investment of the property. Usually as a standard benchmark, properties may be commercial or residential can fetch only upto maximum 6-8%. Apparently such exorbitant return looks to be doubtful. In view of this, AO treated the said income under the head 'Income from other sources'. It is also observed that there was no TDS u/s. 194I of the Act was deducted by the tenant. Any rent payment exceeding Rs. 1.2 lakhs per annum is liable for TDS by the tenant.