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2019 (4) TMI 1492 - HC - Income TaxTaxability of receipts for the lease - Long term lease of a hotel property - lease receipt based on % of revenue of hotel - Business Income OR House Property Income - HELD THAT:- As decided in assessee's own [2017 (8) TMI 193 - BOMBAY HIGH COURT] income from the same was assessed as a business income. The assessment for the year 1995-96 was completed under Section 143(3) of the Income Tax Act. So also, for the assessment year 2003-04 and assessment year 2005-06, the assessment was completed under Section 143(3). The claim of the assessee of the said income being a business income was accepted. The assessee is not receiving any rent amount but is receiving 1% of the total revenue earned by KHIL and does not get any fix amount as rent. These aspects are considered by the Tribunal.
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