Case Law Details
Case Name : Joseph George and Co. Vs. ITO (2010) 328 ITR 161 (Kerala High Court)
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All High Courts Kerala High Court
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Joseph George and Co. Vs. ITO (2010) 328 ITR 161 (Kerala High Court)- On the above issue, it was decided that while lodging is a business, however, letting out of building to the bank on long-term lease could not be treated as business. Therefore, the rental income from bank has to be assessed as income from house property.
Only two issues arise from the three questions raised in the connected appeals filed by the assessee. The first issue is whether the income received from building under the name “K
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