Rental income & Maintenance Charges from Operating Family Entertainment Center-cum-Mall is business income

ACIT Vs M/s. E-city Projects Construction Pvt. Ltd. (ITAT Mumbai) The Tribunal in its Judgment, while appreciating the facts, has observed that the various malls are built by Assessee and are operated from the year 2001. The operational income received from the said activity, in the form of rent, and other service charges was consistently offered to tax as its business income in the earlier years and the same was accepted by the Department as a business income. After demerger, both the Assessee Companies took over the assets and liabilities of the demerged Company and continued the same busine...