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2016 (7) TMI 705 - HC - Income TaxLease income out of leasing out commercial property - business income or income from house property - Held that:- It has been categorically recorded by the Tribunal on appeal by the Revenue that perusal of the memorandum of understanding dated August 27, 2002 between the assessee and the lessee, i.e., M/s Pizza Hut showed that the property in question was given for use for a period of 12 years which was renewable for a further period of 12 years. It was nowhere shown that the intention to let out was only for a temporary period. Thus, the Commissioner of Income-tax (Appeals) was not held to be justified in concluding that the letting out was to be taken as commercial exploitation of the property. The intention of the assessee was to enjoy rental income from the letting out of the property which was rightly treated as income from house property by the Assessing Officer. Thus the view adopted by the Tribunal is a plausible view based on appreciation of material on record and the relevant case law on the point.
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