Rental is House Property, Facilities are Business – ITAT Clarifies Income Head

Pankaj Enterprises Vs DCIT (ITAT Mumbai) Mumbai Tribunal comprising delivered a significant ruling on classification of receipts arising from rental & facility agreements, while also deciding on several connected issues including municipal taxes, interest disallowance, insurance premium & ALV determination. Assessee, a partnership firm engaged in providing call centre facilities & leasing out premises, had entered into a Leave & Licence Agreement dated 01.02.2013 with Aditya Birla Minacs Worldwide Ltd. for letting out units in Symphony IT Park. In addition, Assessee entered int...