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2012 (11) TMI 671 - HC - Income TaxRental income – Income from Business / Property - "(1) Whether Tribunal was correct in law in holding that the rental receipts derived from letting out of properties should be assessed under the head 'Business'? - (2) Whether Tribunal was correct in law in holding that the expenses incurred for the purpose of letting out of the properties should be allowed as 'business expenditure'?" – held that:- Company had taken lands on 90 years lease with the objects of constructing I.T. Company with all its infrastructural facilities, the same was for the purpose of establishing and providing the amenities required to run, maintain, manage or administer computer centres for manufacturing or processing software packages and /or hardware materials and components required for computer industry, to exploit it as a business proposition - order of the Tribunal is confirmed, thereby, holding that the lease rentals are assessable as business income only - Decided in favor of assessee.
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