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2017 (6) TMI 1274 - ITAT MUMBAIWarehouse rent income - Business income - Held that:- As decided in assessee's own case for AY 2007-08 the assessee is not providing warehousing service to one or two fixed customers. There is number of customers to whom warehousing service is provided. Apart from that the godwown control of the assessee; customer had no right of occupancy. As per the definition of business u/s 2(13) of the Act, business include adventure or concern in the nature of trade. The word adventure' implies a calculative risk and systematic pattern and operation involved in a trade or practice that will fulfill the instant' case of the assessee. It is providing round the clock service to the clients from various aspects from letting out of goods, their security etc. will definitely fall within the purview of business income. We also find from the order of the id. CIT(A) that the A.O. has accepted the claim of the assessee and treated the income as business income in assessment years 2005-06 & 2006-07. - decided in favour of assessee.
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