Warehouse leasing Income of Company incorporated with such object is to be taxed as business income

Brief of the Case ITAT Delhi held In the case of DCIT vs. D.R.S. Warehousing (North) Pvt. Ltd. that the company was incorporated to provide material handling, storage, transportation, distribution, movers, packing and warehousing facilities which form part of its business. Thus the Assessing Officer is incorrect in proceeding that any income which comes out from property has to be taxed under the head of ‘income from house property’. The CIT (A) has rightly held that income from exploitation of warehouses was income from business. The Hon’ble Supreme Court in case of Chennai Properties &...