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2021 (10) TMI 564 - AT - Income TaxCorrect head of income - lease income received by the assessee - business income or income from house property - Main object of assessee - HELD THAT:- In the present case, the assessee main object is to construct buildings and leased out the same for the purpose of business therefore, the main object of the assessee itself is to carry the business, the income arising out of such an activity has to be treated as a business income. Recently, in the case of PCIT v. City Centre Mall Nashik (P.) Ltd. [2020 (1) TMI 872 - BOMBAY HIGH COURT] held that where the assessee leased out shops in a mall along with various other facilities and amenities. In view of the fact that the assessee did not merely intended to give shops on rent rather the assessee has intended to do business of renting out commercial space to interested parties amount received by the assessee was to brought to tax as a business income. We are of the opinion that the income earned by the assessee by constructing the shopping mall and letting out the same by providing various facilities are amounting to business activity of the assessee and the income earned out of such an activity has to be treated as a business income - case followed M/S CHENNAI PROPERTIES & INVESTMENTS LTD VERSUS THE COMMISSIONER OF INCOME TAX [2015 (5) TMI 46 - SUPREME COURT] - Decided in favour of assessee.
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