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2018 (2) TMI 349 - AT - Income TaxTreating the compensation received from terrace antenna and hall booking - “Income from Other Sources” OR “Business Income” - Held that:- It is undisputed that assessee company's only source of income is from letting out of properties. This is duly supported by the profit and loss account submitted by the assessee. Even the Assessing Officer has accepted that the entire receipt of the assessee consists of rentals for letting out of property. In these circumstances, find that Hon’ble Apex court decision in the case Rayala Corporation (P) Ltd. vs. ACIT (2016 (8) TMI 522 - SUPREME COURT) duly covers the issue in favour of the assessee. Thus assessee's receipts should be considered as business income - Decided in favour of assessee.
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