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2002 (9) TMI 90 - HC - Income Tax"Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in holding that the rental for the mere letting of godowns received by the assessee should be assessed under the head 'Income from business' and not 'property'?" - The case of Karanpura Development Co. Ltd. v. CIT relied upon by the Tribunal, dealt with the case of sub-lease given by a company which had acquired coal mining leases over large areas and the object of the company was to acquire such leases, develop them as coalfields and then sub-lease them to collieries and other companies. In the context of the facts of that case, the court held that the amounts paid to the lessors by the sub-lessees constituted business income. - The Tribunal was in error in holding that the rental income derived by the assessee was required to be treated as business income and not as income from property. The question referred to us is answered in favour of the Revenue and against the assessee.
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