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2011 (3) TMI 445 - AT - Income TaxBusiness income Vs. House property - Notional interest - assessee company is engaged in construction of residential units and development activities - there is no dispute that principal object of the assessee company is to develop and sell the premises constructed - According to the assessee, leasing is one of the methods of commercial utilisation of immovable property forming part of the business of the assessee company, therefore, the income derived therefrom should be assessed as income from business - assessee has received simple rent from the flats/units, therefore, the assessee being the owner of the flat/property, the income derived therefrom should be assessed as income from house property - the principle object of the assessee company is to develop and sell the premises constructed and there is no material on record to show that the said principle object of the company includes leasing of the stock - Held that: the rental income is assessable under the head income from house property - Decided against the assessee
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