Income from letting of warehouse is business income: ITAT Mumbai

Tulsi Shipping (P.) Ltd. Vs. ITO (ITAT Mumbai) Hon’ble Madras High Court in the case of CIT v. NDR Warehousing (P.) Ltd. [2015] 372 ITR 690 , which has been relied upon by the appellant before us and which is directly on the point. As per the Hon’ble Madras High Court, the income earned from letting-out of warehouse and go down was chargeable under the head ‘income from business’ having regard to the facts and circumstances of the case. In the case before the Hon’ble High Court, assessee was engaged in the business of warehousing, handling and transport business and it was provi...