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2007] 293 ITR 618 . [2006] 156 TAXMAN 52 (PUNJ. & HAR.) HIGH COURT OF PUNJAB AND HARYANA, CHANDIGARH BENCH Metal Products of India * v. Commissioner of Income-tax ADARSH KUMAR GOEL AND RAJESH BINDAL, JJ. IT APPEAL NO. 16 OF 2005 MAY 23, 2006 Section 22, read with section 28(i), of the Income-tax Act, 1961 - Income from house property - Chargeable as - Assessment years 1993-94 to 1998-99 - Assessee derived income from renting out building and machinery - Assessee filed its return of income for assessment years 1993-94 to 1998-99 - Assessing Officer treated said income as business income and processed return under section 143(1) - Subsequently, Assessing Officer re-opened said assessments and taxed entire receipt of assessee on account of rent of building and machinery as income from house property on ground that assessee had discontinued its business since 1980-81 - On appeal, Commissioner (Appeals) treated income of assessee as business income - On further appeal, Tribunal treated said income as income from house property by recording a finding that there was no intention on part of assessee to restart business which was closed years back - Whether, findings of fact recorded by Tribunal required no interference - Held, yes Section 147, read with section 143(1), of the Income-tax Act, 1961 - Income escaping assessment - General - Assessment years 1993-94 to 1998-99 - Whether even if return is processed under section 143(1), there is no bar to initiation of proceedings under section 148 if ingredients of section 148 are satisfied - Held, yes FACTS The assessee derived income from renting out building and machinery. The assessee filed its return of income for the assessment years 1993-94 to 1998-99. The Assessing Officer treated the said income as business income and processed return under section 143(1). Subsequently, the Assessing Officer issued a notice under section 148 to the assessee and taxed the entire receipt of the assessee on account of the rent of the building and machinery as the income from the house property by holding that assessee had discontinued its business since 1980-81. On appeal, the Commissioner (Appeals) by relying upon the order…

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