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2017 (1) TMI 511 - ITAT VISAKHAPATNAMRental income from letting out of commercial properties - nature of income - treated under the head “income from house property” as per revenue the assessee is involved in the activity of taking lands lease and construction of commercial buildings and let out the same on monthly rental whereas assessee has considered rental receipts under the head “income from business” - Held that:- Respectfully following the decision of coordinate bench of this Tribunal in assessee’s own case for the assessment year 2008-09 [2016 (3) TMI 1016 - ITAT VISAKHAPATNAM] and also following the Supreme Court decision in the case of Rayala Corporation Pvt. Ltd. Vs. ACIT (2016 (8) TMI 522 - SUPREME COURT ), we are of the view that rental receipts from letting out commercial properties is assessable under the head income from profits & gains of business or profession and not as income from house property. - Decided in favour of assessee
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