Income from letting out assessable as business income if such letting out is assessee’s primary business object

CA Saurabh Chokhra Brief of the case: The ITAT Hyderabad bench in the above cited case held that when the object of assessee’s business is to develop and let out the properties then even when it is also providing other facilities to tenants still the assessee’s income will be assessable as business income. Facts of the case: Assessee had let out its premises in Biotechnology Park and offered its rental income under the head “Income from Business”. AO assessed the rental income under “Income from House Property” whereas income from maintenance under the head “Income ...