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2017 (12) TMI 669 - HC - Income TaxNature of income - falling under income to business or income from house property - premises for the purpose of carrying out its obligations under warehousing transaction - Held that:- The transactions are such that they have to be treated as one where the respondent carries on its activity of warehousing and in the course of such activity, utilizes its premises for the purpose of carrying out its obligations under warehousing transaction. Those do not contain the salient features of lease of immovable property and cannot be considered as one falling purely as utility of house property to generate income as such. We arrive at this conclusion on the basis of the findings rendered by the Tribunal through which it has reversed decision of the first appellate authority and the assessing authority after duly adverting and considering the relevant facts and materials and by assimilating the nature of the transaction of the assessee-corporation. The concept of letting of a property by an owner is clearly distinct in business parlance and commercial parlance from utilizing the premises available to a person for carrying out the activity of letting such premises to use, in the course of its activity, particularly warehousing. In this view of the matter, we are guided by the principles of law laid down in Sultan Brothers (1963 (12) TMI 4 - SUPREME Court) and we cannot but conclude that the findings rendered by the Tribunal essentially rest as mixed question of law and facts. - Decided against revenue
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