Rent Income as main Business: Chargeable as Business Income?

Advocate Akhilesh Kumar Sah Introduction: Whether the income from letting out of property is business income or not depends upon the facts & circumstances of each case. Recently, in Rayala Corp. Pvt Ltd vs. ACIT [Civil Appeal No.6437 of 2016 with Civil Appeals Nos. 6438, 6439, 6440, 6441 respectively of 2016, decided on 11 August, 2016], the business of the appellant-company was to lease its property and to earn rent therefrom. The Supreme Court, on the facts & circumstances of the case, held that the income so earned should be treated as the business income of the appellant-company. ...