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2016 (3) TMI 1016 - AT - Income TaxRental Income - “Income from business” or “Income from house property” - nature of income - Held that:- In the present case, the assessee has acquired the land on lease basis in various places i.e. Mumbai, Kolkata, Bangalore, Chennai and constructed commercial complexes and leased out the same to the commercial entrepreneurs such as Standard Chartered Bank, Bata India Limited, EDS Electronic Data Systems India (P) Ltd. and Spencers for a higher rental amount. The intention of the assessee is very clear from the date on which it is existed is to carry out the business activity such as to construct the godowns or residential or commercial buildings or commercial shops, etc. the lands owned by firm or by taking land on long lease from others is the activity of the assessee. In our opinion, the judgement of the Hon’ble Supreme Court in the case of M/s. Chennai Properties and Investments Ltd.[2015 (5) TMI 46 - SUPREME COURT ] squarely applies to the facts of the case and we hold that the income earned by the assessee is “Income from business” and not “Income from house property”. - Decided in favour of assessee
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