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Business income or income from house property !?

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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.
 

CA.Saibaburao Nanduri
on 26 January 2008
Published in Income Tax
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