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Income Tax - Highlights / Catch Notes

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Income Tax - Correct head of income - Lease rent received - to be treated...

Income Tax
18-11-2021

Correct head of income - Lease rent received - to be treated as business income or as income from other sources - There was no attempt to exploit the commercial assets of the company and instead the assessee merely renewed rental arrangement and received rent as a passive receipt. - the rental income received by the assessee from ATL ought to be treated as income under the head “income from other sources”. - HC

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