Business income or income from house property !?

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.

81 Views Comment Share Income Tax Report

Judgement posted by

CA.Saibaburao Nanduri

Chartered Accountant

I am a commerce graduarte of Andhra University. Studied at HINDU COLLEGE, Guntur. Became FCA and started Practice under the name and style of M/s SAIBABU RAO CO I became Chairman of CA Institute, Guntur Branch, during the year 2008-09 My post qualifications are: Information Systems Audit DISA (ICAI) ... Read more

View Judgements

Comments