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2023 (7) TMI 9 - ITAT AHMEDABADCorrect head of income - Income from letting of space in mall - “income from house property” OR “business income” - HELD THAT:- We observe that Hon’ble Ahmedabad ITAT in assessee’s own case 2011-12 to A.Y. 2015-16. [2019 (8) TMI 1431 - ITAT AHMEDABAD], [2019 (11) TMI 1078 - ITAT AHMEDABAD], [2021 (9) TMI 543 - ITAT AHMEDABAD], [2021 (3) TMI 68 - ITAT AHMEDABAD] respectively has decided this issue in favour of the assessee for various assessment years. In the case of Chennai Properties & Investments Ltd. [2015 (5) TMI 46 - SUPREME COURT] held that where in terms of memorandum of association, main object of assessee-company was to acquire properties and earn income by letting out same, said income was to be brought to tax as “business income” and not as “income from house property”. In the case of Rayala Corporation (P.) Ltd. [2016 (8) TMI 522 - SUPREME COURT] held that where assessee-company was engaged in business of leasing out its house properties to earn rent, income so earned as rent should be treated as 'business income', and not as 'income from house property'. CIT(A) has not erred in facts and in law in holding that the aforesaid income qualifies as “business income” of the assessee. Decided against revenue.
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