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2017 (3) TMI 1320 - AT - Income TaxNature of receipt received on leasing of the immovable property - "Income from House Property" OR "Profits and Gains from Business" - Held that:- In the Leave and License Agreement, the total consideration has been stipulated for letting out the properties and whatever amenities mentioned in para 26 of this agreement, nothing can be worked out as to how much money was to be received for providing these facilities. Therefore, whatever consideration was received on account of Lease and License Agreement, the entire receipt can only be treated as income from house property and not as income from business. So far as the income received by virtue of another agreement i.e., Agreement for Hire of Amenities, it can only be called to be business income. Therefore, we are partly modifying the order of the CIT(A) and direct the Assessing Officer to recompute the income from house property as well as the business income of the assessee for providing certain amenities in terms indicated above.
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