Income Tax
This query is : Resolved
06 October 2008
One of a private limited company shows their main sources of income as Rent (exceeding 1 crore)no other activities is carried on . and the same agrees with their momerandum of association which states acquiring and leasing of building as their primary object . my question is can in this case renting of buildings be taken as their business inocme .?
06 October 2008
No. it is income from property.
10 October 2008
No other explanation other than the source of income being rent from property.
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