Rental income from sub-lease shall be considered as Business Income since same was business of assessee
Court :
ITAT Chennai
Brief :
In Shri Shanthilal Movji Bhai Thakker v. The Income Tax Officer [ITA No. 2267-2270/Chny/2019 decided on November 3, 2021]Income Tax Appellate Tribunal, Chennai ("ITAT")held that rental income from sub-lease shall be considered as business income as the assesee was engaged in business of real estate development and the property in question was sub-leased in furtherance of their business.
Citation :
ITA No. 2267-2270/Chny/2019 decided on November 3, 2021
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Bimal Jain
Published in Income Tax
Views : 238
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