2002 (9) TMI 839

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... nstance of the revenue. The assessment year 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 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... by the assessing authority in earlier years, for 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 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... nch of the Supreme Court considered the claim of an assessee who 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 refe .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X