lessee

SUMMARY OF CASE LAW Exploitation of the property by one of the group concerns cannot be construed as exploitation by the assessee-company; the commercial asset has to be exploited by the assessee in the course of its business activity for the purpose of claiming the income as business income.  CASE LAW DETAILS Decided by: ITAT, [...] Full Article

CASE DETAIL IN THE SUPREME COURT OF INDIA, CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO. 955 /2009 (arising out of SLP(C) No. 4286/2007) MCorp Global Pvt. Ltd. … Appellant(s) versus Commissioner of Income-tax, Ghaziabad … Respondent(s) J U D G M E N T S.H. KAPADIA, J. Leave granted.   SUMMARRY (1) Where the AO disallowed [...] Full Article

ITAT, BENCH `B’ CHENNAI ACIT v Popat Jamal & Sons, Appeal No.: ITA No. 543/Mds/05 & 1344 to 1348/Mds./06 Dated: April 25, 2008 SUMMARY: The income derived from providing facility of storage in the warehouses is income from business of the assessee and cannot be treated as income from house property. RELEVANT PARAGRAPHS: 4.2 In [...] Full Article

The assessee's contention that above income is to be assessed under the head other sources as he is not owner of the premises, is well taken and is required to be accepted. There is no question of estimating annual letting value of the property. It is to be assessed as per agreement between the parties under the head other sources. The Revenue authorities were not justified in assessing rental income under the head house property. On facts of the case, we direct the AO t.. Full Article