Income from letting of Commercial property with various amenities is business Income

Advertisement 1. During the assessment proceedings, the assessing officer found that the assessee had let out its property to Citigroup Information Technology O&S Ltd. (Citigroup) as per the Leave and license agreement dated 29-06-2006, the license fee for the year under consideration was Rs. 12.1 lakhs per month effective from 01-07-2006, that the assessee had also taken interest-free deposit of Rs. 72.7 lakhs, that during the earlier year the assessee had received total rent of Rs. 1.27 crores, that it had treated the rent under the head business income and had bifurcated the receipts...