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2018 (12) TMI 656 - HC - Income TaxRental income received to be taxable - income from business OR income from House Property - Held that:- Tribunal observed it is clear from objects of the respondent as set out in its partnership deed viz. to deal with properties i.e. to construct real estate, multiplex centre, entertainment complex etc. and operate and manage the same. On the basis of the above object clause the impugned order placed reliance on Chennai Properties & Investment Limited Vs. CIT [2015 (5) TMI 46 - SUPREME COURT] to hold that the objects clause of assessee's partnership deed would be the determining factor to decide the nature of income. On the above basis, it concluded that it is business income. In case of Chennai Properties & Investment Limited (supra) the object of the Assessee therein was to acquire properties and let out the same. Appeal of the respondent was allowed and held that the income from letting out of business premises was taxable under the head business income not income from the house property. Tribunal has applied Apex Court decision in Chennai Properties & Investment Limited(supra), on similar facts, the proposed question of law does not give rise to any substantial question of law. Therefore, not entertained.
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