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2002 (10) TMI 80 - KERALA HIGH COURTIncome from the property or the income from business - assessee's case is that he has constructed 130 flats. These flats are let out and business is being conducted there. According to the assessee, the only source of its income is the income from the property. - "(i) Was the Appellate Tribunal right in law and in the facts and circumstances of the case in holding that the income received from the relevant shopping complex is not business income despite the facts that the Assessing Officer has admittedly held a part of the receipts therefrom as business income and that the provision made by the appellant was a business facility complete by organised activity? - (ii) Was the Appellate Tribunal correct in law in holding that the activity of letting out the rooms in the relevant commercial complexes with annexed and inseparable ancillary services is not a business activity? - (iii) Was the Appellate Tribunal correct in law in holding that income from shopping complexes is derived only as a result of mere ownership on the property? - (iv) Was the Appellate Tribunal correct in law in severing on its own accord, the services offered as a separate business activity from that of income from shopping complex?" - we find that the income from the building forms part of the business and property. Thus, we hold that the Tribunal was right in holding that the income of the assessee has to be divided as income form the property and income from the business.
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