Commercial Complex on MSRTC Land Generates Business Income, Not House Property Income: Mumbai ITA

ACIT Vs Akrutismc Joint Venture (ITAT Mumbai) Commercial Complex on MSRTC Land Generates Business Income, Not House Property Income: Mumbai ITA No Ownership, No House Property Tax: ITAT Treats MSRTC Commercial Complex Rentals as Business Income. The Mumbai ITAT dismissed the Revenue’s appeal and held that lease rentals and allied receipts earned by Akruti SMC Joint Venture from a commercial complex developed on MSRTC land were taxable as business income and not as income from house property. The assessee was formed as a joint venture specifically for developing a bus station and commercial c...