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2011 (8) TMI 815 - ALLAHABAD HIGH COURTIncome from property or business income - as the principle of income from property is an income of profit and gain of business, or profit and gain from the house property have been clearly laid down by the Supreme Court - In the case of Universal Plast Ltd vs. Commission of Income Tax [1999 -TMI - 5737 - SUPREME Court] wherein it was held that the amount earned by an assessee by leasing out the assets of the business would not be income from business carried on by it - Held that: as a prudent business decision, the appellant took interest free loan from the City Bank, rented out, one of its properties to it, and shifted its Regional Office. In this commercial venture, the appellant received a higher income regularly from its commercial assets - Taxable as business income - Decided in favor of the assessee
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