As main business includes letting of property income from same is taxable under Income from Business

ACIT Vs Tupelo Builders Pvt. Ltd. (ITAT Delhi) ITAT Delhi held that the main objective of the assesses is to carry on the business of letting out of properties and hence the income earned by the assessee from letting out of the property is assessable under the head ‘Income from Business’. Facts- AO noticed that during the previous year relevant to AY 2015-16 the assessee company along with Shri Rajiv Rattan purchased property bearing House No.13A, Amrita Shergill Marg, New Delhi. AO examined the purchase of property in the light of the provisions of prohibition of Benami Property Transacti...