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Income from property leased to sister concerns is Income from House Property
Case Law Details
- Case Name
- Margadarshi Housing Pvt. Ltd. Vs ITO (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- ITAT Hyderabad
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RELEVANT PARAGRAPH
4. We have considered the rival submissions on either side and also perused the material available on record. The claim of the assessee is that construction of the dwelling units and leasing out the same to sister concerns amounts to exploiting of a commercial asst. In fact, the sister concerns which took the property on lease utilized the same for their business of producing films by exploiting the same. The assessee as owner let out the same to the sister concerns and received rental income. A copy of the rental agreement, said to have been executed with...
