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2020 (2) TMI 928 - AT - Income TaxCorrect head of income - treatment to lease income - income from house property or business income - HELD THAT:- Carrying out all the activities which are relevant for earning the income for these properties by extending various facilities. Thus found that holding of said properties and earning income by letting out those properties is the main objective of the assessee. The income arising therefrom is necessarily assessable under the head Income from Business and profession and assessee is eligible to get deduction in respect of expenditure incurred for earning the aforesaid income and also depreciation on the business assets so held. Assessee has only one business and that is of leasing its property and earning rent therefrom. The assessee has carried out various activities for earning such income by rendering various services as required - the main intention of assessee was to exploit the immovable property by way of complex commercial activities, therefore income so earned by exploiting the property has to be taxed on as business income. No merit in the action of AO for treating the income as income from house property. - Decided in favour of assessee
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