Case Law Details
Case Name : Asset Investment Services Vs ACIT (ITAT Mumbai)
Related Assessment Year : 2013-14
Courts :
All ITAT ITAT Mumbai
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Asset Investment Services Vs ACIT (ITAT Mumbai)
The issue under consideration is whether the lease income earned by the assessee is taxable under head Income from House Property or Income From Business ans Profession?
In the present case, assessee firm was owner of a commercial property. It showed rental income from the said property under the head ‘Business Income’. AO was of the view that such rental income would be assessable under the head ‘Income from house property’ as the assessee was the owner of such property. Assessee contended that it was engaged in business of renting of co...
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Is lease house refund amount is taxable for tenants ?