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Income Tax - Highlights / Catch Notes

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Income Tax - Correct head of income - rental income - except for creating...

Income Tax
23-11-2021

Correct head of income - rental income - except for creating the infrastructure as per the requirement of the lessee, the assessee is not providing any other service during the year as is evident from the profit and loss account of the assessee for the relevant assessment year. The only expenses claimed by the assessee are interest, salaries & administrative expenses. Therefore, it is clear that the assessee's intention is to enjoy the rental income on a long term basis by leasing out the premises and not to exploit the same commercially on short term basis. - AT

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