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2011 (11) TMI 458 - Karnataka High Court
CIT and DCIT Versus Ask Brothers Family Trust
Income from leasing of premises, furniture and fixtures - Income from house property or other sources - Held that:- It is clear from various clauses of licensing agreement that the intention of the parties while entering into the agreement was only to grant license to the respondent and it cannot be said to be a lease deed. Also, said license fee for the premises and the furniture and fixtures is inseparable. In view of the provisions of Sec.56(2)(iii), it is clear that the income so received has to be treated as income from other sources and not as income from house property - Decided in favor of assessee.