ORDER 

Per Shri Sandeep Gosain, Judicial Member:

These two appeals filed by the revenue as well as assessee are against the order of Ld. CIT(A) – 44, dated 14.12.16 & 17.03.16 for AY 2012-13 & 2011-12 respectively.

2. Since all the issues involved in these two appeals are common, therefore, they have been clubbed, heard together and a consolidated order is being passed for the sake of convenience and brevity.

ITA No. 1466/Mum/2017 (AY 2012-13)

3. First of all we take up revenue’s appeal in ITA No. 1466/Mum/2017 for assessment year 2012-13 as lead case. The ground of appeal are mentioned herein below:-

1. "On the facts and in the circumstances of the case, and in law, the Ld.CIT(A), erred in allowing the claim of assessee to treat rental income of Rs.34,13,95,611/- as income from House Property instead of Business Income as assessed by the AO, without appreciating the fact that rental income was received from the business asset of unsold flats shown as stock-in-trade. The Ld. CIT(A) also failed to appreciate the fact that the assessee has included rental income in arriving at its gross sales appearing in its building and construction account and thereby arriving at the gross profit which