Rental income from sub-lease shall be considered as Business Income since same was business of assessee

Shanthilal Movji Bhai Thakker Vs ITO (ITAT Chennai) ITAT held that rental income from sub-lease shall be considered as business income as the assesee was engaged in business of real estate development and the property in question was sub-leased in furtherance of their business. Shri Shanthilal Movji Bhai Thakker (“the Appellant”) aggrieved by the order (“Impugned Order”) passed by Assessing Officer (“AO”) treating lease rental income earned by the Appellant as income from House Property as against Business Income offered by the Appellant, has preferred this appeal. The Hon’ble IT...