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2012 (9) TMI 61 - AT - Income TaxRental Income from complex - Revenue contending the same to be 'business income’ and consequential dis-allowance of interest, house tax, statutory allowance of 30% on ground that main object of company was to deal with the real estate, and assessee was not a simplister owner of a property, which has been given on rent - Held that:- Once assessee is owner of a building and has earned rental income, the same has to be treated as income from house property because specific head, dealing with income on house property is available. As far as the deduction on account of house tax and interest is concerned, the same are deductible even under the head ‘income from business or profession’. Order of CIT(A) confirmed - Decided in favor of assessee Agricultural Income - Revenue contending the same to be 'Income from other sources' and denied exemption u/s 10(1) on ground that land was basically purchased for real estate activities and was given on lease to various parties - Held that:- Lands in question have been used for the purposes of agricultural operations and these lands are owned by the assessee company. It is also a matter of record that assessee is in receipt of lease/rent charges from the persons who have carried out the agricultural operations on the land. As such, the amounts received by the assessee are squarely covered under the definition of agricultural income as defined in S.1(1A)(a). The said agricultural income is exempt in view of S.10(1) - Decided in favor of assessee
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