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2004 (7) TMI 69 - MADRAS HIGH COURT(i) Whether Tribunal was right in holding that the residential properties let out to employees of sister concerns are to be treated as business assets and depreciation allowed? and (ii) Whether Tribunal was right in holding that income from letting out of property should be treated as business income in the hands of the assessee? - Held that, Tribunal committed an error in law in holding that the income from the property let out by the respondent/assessee to the employees of the sister concern as an income from business and allowing depreciation thereon, and hold that the income from the property let out to the employees of the subsidiary company should be treated as an income from house property under section 22, instead of assessing the property in question as commercial assets and charging the same under section 28, as rightly contended by the appellant/Revenue. – Revenue’s appeal allowed
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