Business income or income from house property !?

Last updated: 26 January 2008

Court :
HC

Brief :
Held by the Hon`ble Court that, by virtue of its right by way of a lease form month to month or for a period not more than one year assessee is not owner of the house property as per section 27(iiib). Therefore income is assessable as business income.

Citation :
C.I.T. Vs. A.V.K. Constructions P. Ltd.

Business Income or Income From Housing Property !? C.I.T. Vs. A.V.K. Constructions P. Ltd. 06/21/2007 [2007] 292 ITR 512 (Mad) Case Fact: Whether, income form subletting the property by lessee which is not owned by him, is assessable as income form housing property? Decision: Held by the Hon`ble Court that, by virtue of its right by way of a lease form month to month or for a period not more than one year assessee is not owner of the house property as per section 27(iiib). Therefore income is assessable as business income.