Case Law Details
Case Name : DCIT Vs Nautilus Trading & Leasing Ltd. (ITAT Mumbai)
Related Assessment Year : 2007- 08
Courts :
All ITAT ITAT Mumbai
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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 as licensee fees...
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Author Bio
on commercial property, the Government is charging Service Tax, thus making it a commercial activity and should be treated as such should have been the main argument. They cannot treat the income from commercial property differently for purpose of service tax and income tax.