Correct head of income - the major source of income for the ...

Income Tax

November 16, 2021

Correct head of income - the major source of income for the assessee is rental income. The assessee obtained long-term lease of the property and sub-leased the same in a regular systematic manner with a view to earn rental income from such activities in a business-like manner. The perusal of financial statements would show that the assessee had obtained loans to procure the properties and business investments were mostly in the nature of various properties - Income is taxable as Business income - AT

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Correct head of income - the major source of income for the ...

Income Tax

November 16, 2021

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