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2014 (12) TMI 189 - HC - Income TaxClassification of income from letting out of warehouse – Income from house property or business income – assesse engaged in warehousing, handling and transport business - Held that:- The Tribunal rightly upheld the observation of CIT(A) that assessee derived income also from transporting business - The basic issue for adjudication in this appeal is whether income from warehousing is assessable as income from house property or business - The Tribunal accepted the assessee's plea of business income based on the profit and loss account, Object Clauses of the Memorandum of Association and the nature of business activity undertaken - the Tribunal was justified in distinguishing the case of the Bombay High Court in Nutan Warehousing Company P. Ltd. - Vs DCIT [2010 (2) TMI 397 - BOMBAY HIGH COURT] - the Tribunal rightly come to the conclusion that it is a case of business income and not income from house property – thus, the order of the Tribunal is upheld – Decided against revenue.
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