Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (7) TMI 540 - GUJARAT HIGH COURTNature of income - Income from house property or business income - Assessee engaged in provide infrastructure; including electrical installations, lifts etc. - Assessee receive guaranteed monthly amount - A.O. held it as income from house property and made addition - CIT(A) and Tribunal deleted addition holding that appellant had obtained registration under labour law and other applicable factory laws - Held that:- assessee did not supply solely the house property with or without furnishings. It supplied various requirements of the joint venture business; such as, infrastructure, machinery, security systems, canteen and house-keeping. The assessee also undertook the responsibility of operation and maintenance of such services and also to provide skilled work force for processing the diamonds - It, therefore, cannot be stated that the assessee was not in the business through joint venture of processing of the diamonds. Merely because such agreement envisaged assured return to the assessee, in lieu of either profit or loss to be shared from the joint venture, would not take away the fact that the assessee was engaged in the business - The assessee had not rented out property but had allowed its use thereof for the purpose of joint venture business - Following decision of Assistant Commissioner of Income-Tax Versus Saptarshi Services Ltd. [2003 (2) TMI 415 - GUJARAT High Court] - Decided against Revenue.
|