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2016 (10) TMI 1005 - ITAT PUNEIncome from business - Warehousing Receipts - Nature of income - Income from House property OR busniss income - Held that:- Hon’ble Supreme Court in M/s. Rayala Corporation Pvt. Ltd. Vs. ACIT (2016 (8) TMI 522 - SUPREME COURT ) had held that in the facts of the said case where the assessee company had only one business and that was of leasing its property and earning rent therefrom; on such factual aspect, it was held that rental income was taxable under the head ‘Profits & Gains of business and profession’. It was further held by the Hon’ble Supreme Court that where the business of company was to lease its property to earn rent and therefore the income so earned was to be treated as its ‘Business income’. Following the said ratio laid down by the Hon’ble Supreme Court and in view of the ratio laid down by the Pune Bench of Tribunal in M/s. Nutan Warehousing Company Pvt. Ltd. Vs. DCIT (2006 (8) TMI 286 - ITAT PUNE-A ), thus hold that the warehousing receipts are to be assessed as ‘Income from business’ in the hands of assessee
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