head ofaccount -whether business/ Income from Houseproperty
This query is : Resolved
K.MURALIDHARA
(Querist)
21 March 2008
my client has letout his ricemill (HUF property) along with the machinery on a monthly rental lease
Assessing officer wants to assess it as income from House-property
I am of the view that as the property is letout along with the installed machinery and power it is assessable as income from business
Please clarify along with caselaws if any in my favour
Assessing officer wants to assess it as income from House-property
I am of the view that as the property is letout along with the installed machinery and power it is assessable as income from business
Please clarify along with caselaws if any in my favour
CA. GOPAL SONIKA
(Expert)
22 March 2008
It should not be treated as Income from business, as the letting out of the rice mill or other property is not his business.
22 March 2008
IF YOUR CLIENT IS REGISTERED AS BUSINESS ASSESSEE ( EVEN IN OTHER APPLICABLE ACTS LIKE SALES TAX OR SERVICE TAX ETC...) AND FILING RETURNS UNDER INCOME TAX ACT UNDER BUSINESS INCOME SO FAR , YOU ARE RIGHT.
OTHERWISE THE ASSESSING OFFICER IS RIGHT.
AS FOR CASE LAW OR SECTIONS PL. TYPE RELEVANT WORDS OF YOUR QUERY IN GOOGLE SEARCH BAR AND YOU GET USEFUL INFO.
OR PL. VISIT
www.taxworry.com
R.V.RAO
OTHERWISE THE ASSESSING OFFICER IS RIGHT.
AS FOR CASE LAW OR SECTIONS PL. TYPE RELEVANT WORDS OF YOUR QUERY IN GOOGLE SEARCH BAR AND YOU GET USEFUL INFO.
OR PL. VISIT
www.taxworry.com
R.V.RAO
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