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, in his capacity as administrator/receiver, declaring total income of INR 2,09,82,760/. The Appellant only earned income by...