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2021 (12) TMI 139 - AT - Income TaxCorrect head on income - rental income derived from letting out properties under the head ‘income from business or Business and profession’ - HELD THAT:- In this case, the main objects of the assessee is not into own, develop and let out properties on rent and further, the assessee has not carried out letting out of properties on rent as a systematic or organized business activity. Further, the assessee has not provided any amenities to the occupants of the premises except providing premises on simple leave and license basis. Case of the assessee is squarely covered by the decision of the Hon’ble Supreme Court in the case of Chennai Properties & Investment Ltd vs CIT, [2015 (5) TMI 46 - SUPREME COURT] and in the case of Raj Dadarkar and Associates [2017 (5) TMI 586 - SUPREME COURT] - AO without appreciating facts has wrongly concluded that income derived from letting out of properties is assessable under the head ‘income from business or profession’ as against income declared under the head ‘income from house properties’. CIT(A) after considering relevant facts has rightly directed the AO to assess income derived from letting out of properties under the head income from house property. Hence, we are inclined to uphold findings of the Ld. CIT(A) and dismiss appeal filed by the Revenue.
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