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2003 (3) TMI 42 - HC - Income Tax"Whether, the Tribunal was right in concluding that the activity of the assessee was business activity and, therefore, its income was liable to be taxed under the head 'Business income'?" - Answer to the first part of the question would be in the affirmative, in favour of the assessee and against the Revenue and answer to the second part of the question would be that: The income of the assessee would be "business income", except the income derived by way of rent from the residential hotel and revolving restaurant. - "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in coming to the conclusion that the activity of the assessee co-operative society was business activity?" - Answer: In the affirmative, in favour of the assessee and against the Revenue - "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the income of the co-operative society should be taxed under the head of 'Business income' and not 'Income from other sources'?" - Answer: In the affirmative. The income of the assessee would be "business income", except the income derived by way of rent from the residential hotel and revolving restaurant" – Further, held that, the income derived by way of rent from residential hotel and revolving restaurant would be income from the house property.
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