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2013 (12) TMI 1166 - HC - Income TaxWhether income from letting out of shops held as stock in trade is taxable as business income - Held that:- Letting out the premises or receiving the rent is not a business of the assessee. The business of the assessee is to construct and sale the properties - Following CIT vs. M/s. Goel Builders [2010 (5) TMI 487 - Allahabad High Court] - The units lying vacant due to shortage of demand were rented to earn income - The rental income was utilized to reduce the burden of repayment of interest - The assessee has rightly claimed rental income under the head "income from business" specially when the assessee was not engaged in the business of letting out for the construction of the business complex - The rental income was earned for a short period - The same was shown in the books of account - The unsold units in the stock-in-Trade were already treated as business assets - Decided in favour of assessee.
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