Income from business of letting of property taxable as Business Income

Brief of the case: Kolkatta High court held Shyam Burlap Company Ltd Vs CIT that as the assesse’s main business is purchasing, developing and letting out of property. The same was mentioned in the object clause of memorandum of the company. It not to be considered that the in the previous years the assesse used to file its ROI under head income from House Property. The assesse had paid compensation to the tenants for releasing that property so that it can earn higher rent. So that expenditure should be treated as a business expenditure. Moreover even if the assesse used to consistently file ...