Income from commercial exploitation of properties is business income

DCIT Vs M/s. ATC Realtors Pvt. Ltd. (ITAT Guwahati) Conclusion: Where assessee’s main objects were acquiring, constructing, operating and maintaining of multiplexes, business centres, etc., income derived from such activities was to be treated as business income and not income from house property. Held: During the course of assessment proceedings, assessee submitted that the activities of assessee was to develop commercial establishment and let them out on hire with a host of other facilities which was in tune with its main objects and as such, the income earned there from was correctly ...