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2011 (8) TMI 487 - HC - Income TaxRental income from properties - Use of property in Business - Use as a guest hosue - Held that:- In the said guest house as per the need of the business, the officer of the joint venture and subsidiary companies and other officers were permitted to reside and in the process usage charges were collected. Principally the guest house constructed for the assessee's own business. - Though the Revenue has heavily relied on the decision in the case of Anand Estate Pvt. Ltd. vs. DCIT (2009 (2) TMI 51 - BOMBAY HIGH COURT), we may notice that the Tribunal had distinguished the case on the basis of sub-clause (5) of clause(i) of Section 2(ea) of the Wealth Tax Act which was introduced with effect from 01.04.1999. - No rental income - decided in favor of assessee.
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