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2011 (5) TMI 553 - AT - Income TaxIncome for sub-letting - Business income or income from other source - Held that:- As it is not in dispute that assessee has not carried on any other activity either in this year or in the subsequent years to indicate that it was engaged in the business of acquiring properties and letting out the same - Even going by the unsigned partnership deed the main intention appears to be to acquire land/building and to develop the property whereas, assessee has not carried on any such activity in any of the earlier years - In otherwords, assessee had not intended to carry on its main activity in the year under consideration - The firm has merely taken on lease the property at Chankya Puri and the terms of agreement clearly depict that the assessee is not entitled to sub-let the property - Therefore, income for such sub-letting cannot be treated as business income - Since assessee is not the owner of the property it cannot be assessed to tax even under the head "Property Income" - Hence, CIT(A) was justified in holding that the impugned income is assessable to tax under the head "Other Sources" - Decided against the assessee.
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