Income from Letting of Property is Business Income if same is business Object of Firm

Pr. CIT Vs Shreeji Exhibitors (Bombay High Court) The impugned order of the Tribunal noted the fact that the assessee’s activity of letting out building premises is its business activity. This, the Tribunal observed it is clear from objects of the respondent as set out in its partnership deed viz. to deal with properties i.e. to construct real estate, multiplex centre, entertainment complex etc. and operate and manage the same. On the basis of the above object clause the impugned order dated 14th August, 2015 placed reliance on Chennai Properties & Investment Limited Vs. CIT1, to h...