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2017 (11) TMI 862 - AT - Income TaxTreatment to rental receipts - nature of income - business receipts or Income from House Property - Held that:- As perused the order of co-ordinate Bench of the Tribunal for A.Y. 2006-07 to 2009-10 [2015 (9) TMI 1562 - ITAT MUMBAI] the assessee’s objects are not in respect of letting of any particular property, but it has the main objects of acquiring, constructing, operating and maintaining of the multiplexes, business center, I.T. Parks, software zones, commercial & residential complexes and to grant the same on lease/license also. The very object is the commercially exploitation of the properties. Besides that the assessee is also providing hosts of amenities and facilities, as discussed above, which amounts to composite business activity. We therefore hold that the income/loss from the multiplex is liable to be assessed as ‘business income/loss and not as income from house property. The assessee consequently is also entitled to the claim of deductions in respect of expenditure incurred and depreciation on assets etc. in relation to such income. Hence, we do not find any reason to deviate from the findings recorded by the Ld. CIT(A) on this issue. - Decided in favour of assessee.
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