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2014 (6) TMI 963 - HC - Income TaxRental income received - treated as “Income from Business” and not as “Income from House Property” - Held that:- As decided in Commissioner of Income Tax-III Vs. Velankani Information Systems (P) Limited [2013 (8) TMI 113 - KARNATAKA HIGH COURT] what is the intention behind the lease and secondly what are the facilities given along with the buildings and documents executed in respect of each of them is to be seen. Thirdly it is to be found out whether it is inseparable or not. If they are inseparable and the intention is to carry on the business of letting out the commercial property and carrying at complex commercial activity and getting rental income therefrom, then such a rental income falls under the heading of profits and gains of business or profession. Tribunal is justified in law in holding that the rental income received from Forum Mall, Eva Mall and UB City and rental received from Fit Outs (i.e., bare superstructure of the building) should be treated as “Income from Business” and not as “Income from House Property” - Decided against revenue
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