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2014 (8) TMI 691 - HC - Income TaxIncome from investment company – Income from other sources or income from house property -Whether income received by an investment company in the course of its business, towards letting of a fully furnished office premises, is not to be assessed as "business income", failing which "income from other sources" as claimed by the Assessee, but as "income from house property" as assessed by the revenue – Held that:- Assessee’s income is required to be assessed u/s 56 as contended by the assessee - The Agreement makes the intention of the assessee clear to let out the office premises along with furniture - letting of the office premises was intended to be inseparable from the letting of the furniture - Following the decision in Sultan Brothers Private Limited Versus Commissioner Of Income-Tax, Bombay City II [1963 (12) TMI 4 - SUPREME Court] - the income received by the assessee by letting out fully furnished office premises and furniture is required to be assessed under the head income from other sources – Decided in favour of Assessee.
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