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2017 (2) TMI 556 - HC - Income TaxRental income - house property or business - Held that:- The main objective of the assessee firm as manifest from the partnership deed was to carry on business in construction of different types of buildings such as godowns, residential or commercial buildings, flats, shops etc., and lease them out as a part of its business activity but not as exploitation of the property as an owner. In simple, construction of different types of buildings and leasing them out was the main business activity of the firm and doing other activity was only an optional one. In that view, the assessee firm was right in showing its both incomes under the head income from business. Therefore, we find no merit in the argument of learned Standing Counsel that the rental income should be shown under a different head. We also do not find any merit in the other argument that since the Tribunal has held in the previous instances that the income received by the same assessee was the income from house property and not a business income, in the instant case also it should have held similarly for the reason that in the earlier instances, the Tribunal had no occasion to peruse the judgment in M/s.Chennai Properties & Investments Ltd., Chennais case (2015 (5) TMI 46 - SUPREME COURT).
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