23 June 2012
if an organisation has a business of giving property for rent then in such a case whether it shall be treated under the head of house property or business income?
23 June 2012
in the following cases, income from trading or business is not taxable under section 28, under the head " profits and gains of business or profession"
1) Rental income rvd in the hands of the an assesee engaged in the busines of letting properties on rent ( salisbury House estate Ltd v fry (1930) AC HL CIT vs National storage (p) ltd 1963 48 ITR 577 (Bom) 2)dividend on shares in the case of a dealer in shares 3) winning from lotteries etc. even if derived as a regular activity
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