Piyush Agrawal, J. - (1.) Supplementary affidavit, filed today,is taken on record.
(2.) Learned counsel for the assessee gives up his right to file a reply.
(3.) The present appeal has been preferred against the order dated 20.07.2016 passed by the Income Tax Appellate Tribunal, Lucknow Bench, Lucknow (hereinafter referred to as, 'the Tribunal') in Income Tax Appeal No. 350/L/2016. The present appeal was admitted by this Court on 04.01.2018 on the following question of law: "(I) Whether, on a true and correct interpretation of law, the treatment of receipts from rent, derived from surplus space being let-out has rightly been classified by the Ld. ITAT as "Business Income" as against the appellant's claim of it being is taxable under the head "Income from House Property" (II) Whether, the impugned order of the ITAT is in accordance with law as the ITAT has recorded its findings ignoring a very specific argument made the assessee resulting in recording of perverse findings and has drawn inoculate conclusions.";