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2016 (9) TMI 386 - ITAT HYDERABADRental income - income from house property or business income - Held that:- The important is the intention of the assessee whether the asset was used to earn the rental income or the intention was to exploit the property for commercial purpose. In the given case, assessee had leased out the property only to be used for the purpose of IT & ITES business purpose. Moreover, there is a condition from the ‘GoWB’ that it has to be leased out only to the IT & ITES business. Accordingly, we set aside the orders of revenue authorities and direct the AO to treat the rental income as business income. - Decided in favour of assessee.
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