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2017 (8) TMI 295 - HC - Income TaxNature of income - income from house property or business income - nature of activity - Held that:- The Commissioner (Appeals) and the Tribunal after going through the object of the company as detailed in the memorandum of association and also considering activities, the nature of the transaction, has held the income to be a business income. It is also held that the assets also include various amenities such as electricity, cooling towers, elevators, car parking for the lessees/visitors and the said services and amenities provided by the Assessee are inseparable and are provided along with the building. Both the authorities have concurrently correctly observed that the basic intention of the Assessee was commercial exploitation of its properties by developing them as shopping malls/business centers and therefore, income derived there from is assessable as business income. The main object of the company, the nature of the business activities of the Assessee Company as well as the terms of the agreement has been considered. The various services provided by the Assessee company during the course of operation and running of said commercial complex are also considered. Thus plausible conclusion arrived at. - Decided against revenue.
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