Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2002 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2002 (8) TMI 88 - GUJARAT HIGH COURTBusiness, Other Sources, Property Taken On Lease - "1. Whether, on the facts and circumstances of the case, the rental income from the Bank of Baroda was taxable under the head 'Business income' or 'Income from other sources'? - 2. Whether, on the facts and circumstances of the case, the interest difference on the extra amount of Rs. 2,50,000 could be allowed as a deduction?" - The answer to question No. 1 is in the affirmative, that is to say, the rental income from the Bank of Baroda was taxable under the head "Business income" and not "Income from other sources". The answer to question No. 2 is in the affirmative, that is to say, the interest difference on the extra amount of Rs. 2.50 lakhs was rightly allowed as a deduction. Both the questions are, therefore, answered in favour of the assessee and against the Revenue.
|