TMI Blog2002 (9) TMI 839X X X X Extracts X X X X X X X X Extracts X X X X ..... r is 1986-87. The questions are: 1. Whether on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the rent receipts derived by the assessee-company from letting out of properties should be assessed under the head Business thereby allowing the expenses incurred for letting out the properties as business expenditure? 2. Whether on the fac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r this assessment year, the Assessing Officer took the view that the rental income received is income from property and is to be assessed under that head and not under the head Income from business . On appeal, the Commissioner agreed with the Assessing Officer. On further appeal, the Tribunal accepted the assessee s contention and held that the income should be treated as business income . ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... had let out a building fully equipped and furnished for the use as a hotel, that the income derived therefrom by way of rental as also for the hire of furniture and fixtures should be treated as business income, in the case of Sultan Bros. v. CIT [1964] 51 ITR 353 . The Constitution Bench negatived that claim of the assessee and referred with approval to the observations made in the case of East ..... X X X X Extracts X X X X X X X X Extracts X X X X
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