Case Law Details
Case Name : Assistant Commissioner of Income Tax Vs M/s Steller Developers P. Ltd. (ITAT Mumbai)
Related Assessment Year : 2008-09
Courts :
All ITAT ITAT Mumbai
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Brief of the case:
The ITAT Mumbai in the case of M/s Steller Developers P. Ltd. held that if the letting out of property is with intention to commercially exploit and it is the main object of assessee company then income from such leasing/letting is assessable under business head and not as house property.
Facts of the case:
- The assessee has leased out commercial properties and offered the income from the same as business income. The Assessing officer assessed the same under the head house property as income as the same is covere
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Author Bio
I If this were to be so held by IT while assessee offers it as income from HP then whether TAx audit will be applicable and attendant penalty for failure to get a/cs audited etc ?What should be the correct approach ?At times 30 % repairs and non necessity of Audit may be seen as an easy option