Income from Leasing of Multiplex is Business Income

Deep Multiplex Pvt. Ltd. Vs ITO (ITAT Ahmedabad) The assessee consistently followed that the income derived from the lease charges on the multiplex is a business income of the assessee in earlier years as well as in the present year. The assessee has filed appeal before the Tribunal which on merit, the assessee has succeeded. The CIT(A) has agreed that the issue on merit is covered in favour of the assessee despite that confirmed the addition on the ground that the assessee agreed during the assessment proceedings that the same comes under the head income from other sources. The reliance on th...