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2010 (2) TMI 397 - HC - Income TaxBusiness- The assessee-company was established with the object of carrying out warehousing activities. During the course of assessment proceedings for assessment year, 1995-96, the Assessing Officer came to the conclusion that the income received by the assessee was liable to be split up into rental income and income received from the rendering of service as a warehouse. Thus the assessment for 1994-95 was reopened and enhanced. Held that- the terms of the warehousing agreement were not considered by the Tribunal. Merely styling an agreement as a warehousing agreement would not be conclusive of the nature of the transaction since it was for the Tribunal to determine as to whether the transaction was a bare letting out of the asset or whether the assessee was carrying on a commercial activity involving warehousing operation.
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