Income from House Property or Business Income

Last updated: 24 September 2008

Court :
Madras Highcourt

Brief :
Whether income form lease of property is income form business or housing property?

Citation :
Keyaram Hotels P. Ltd. Vs. Asst.C.I.T. 29/01/2008 [2008] 300 ITR 118 (Mad)

Held by the Hon`ble Court that, assessee earned income by leasing the property, however neither commercial activity nor business activity carried out by the assessee even the object clause contained in MOA has not altered the nature of the activity of the assessee company. Therefore income from lease assessable as income from house property.