Leave & License Fee assessable under Profits & Gains of Business

Tulsidas V. Patel Vs DCIT (ITAT Mumbai)

ITAT Mumbai held that the Leave & License Fee is assessable under the head “Profits & Gains of Business” and not under “Income from House Property”.

Facts- During the previous year, the control and management of affairs of the Appellant-Company continued to be with the receiver/administrator appointed by the Hon’ble Bombay High Court who also filed the return of income for the A.Y. 2012-13 on 14/12/2013,

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