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2005 (9) TMI 46 - HC - Income TaxIncome from house property OR income from business - "Whether the income of Rs. 7,80,000 received from V.M. Salgaokar and Bros. P. Ltd. in the hands of the assessee is income from house property under section 22 or income from business under section 28 of the Income-tax Act?" - In the present case, the agreement entered into between the assessee and the Salgaokars clearly shows that a sum of Rs. 7,80,000 received by the assessee from the Salgaokars in the form of guarantee income was the composite income from the hotel building with fittings and fixtures and was intended for exploitation of business assets and, therefore, cannot be held to be covered by the income from house property. - We, accordingly, hold that the income of Rs. 7,80,000 received from V.M. Salgaokar and Bros. P. Ltd., in the hands of the assessee is income from the business under section 28 of the Income-tax Act and the Tribunal did not commit any error in holding so
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