Income from house property or business income: Depends on facts of a particular case

Advocate Akhilesh Kumar Sah Controversy has remained in many cases whether particular income in a given case is income from business or from house property. Recently, in Raj Dadarkar & Associates Vs. ACIT [Civil Appeal Nos. 6455- 6460 Of 2017, decided on 9.05.2017], the substantial questions of law before Honorable Supreme Court were whether in the facts and circumstances of the case, and in law, the ITAT erred in holding that the appellant was owner of the shopping center within the meaning of Section 22 read with Section 27 of the Income Tax Act, 1961(hereinafter referred to as the ‘A...