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Rental income of developer cum builder to be taxed as house property income instead of business income
Case Law Details
- Case Name
- Mascot Constructions (P) Ltd. Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All ITAT, ITAT Mumbai
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Mascot Constructions (P) Ltd. Vs ITO (ITAT Mumbai)
Conclusion: Nature of income which had been rental earning from the house property would not change just because it had been received by assessee-company formed with the object of carrying out business as builder and developer, therefore, AO had, rightly assessed the rental receipts under the head Income from house property.
Held: Assessee-company was a builder cum developer had acquired 5/6th lease right of an old building alongwith the tenants for the remaining lease period. Assessee could not get the remaining 1/6th portion even after 15 ...
