Business Income or Income from House Property ::
Last updated: 07 September 2007
Court :
High Court
Brief :
Held by the Hon"ble court that where the assets of the business are let out temporarily while the assessee is carrying out his other business activities then it is a case of exploiting the business assets otherwise than employing them for his own use for making profit for that business and the assessee"s intention was to increase its business gradually and not to close down its business, the rental income was assessable as business income.
Citation :
C.I.T. Vs. Kohinoor Tobacco Products P. Ltd.
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CA.Saibaburao Nanduri
Published in Income Tax
Views : 47
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