Mere Object clause in MOA not sufficient to claim rent as Business Income

New Horizon Logiware (P) LTD Vs ITO (ITAT Delhi) AO has discussed the facts in detail and the relevant clauses of the lease deed and also mentioned that the said warehouse was already rented to present tenant (Tupperware) by earlier owner from whom assessee has purchased this building in this year. As per AO, the dominant object of the rent agreement is only to enjoy rent-and nothing more. On the other hand, the assessee has pleaded that the main object clause of the memorandum of association clearly mentions that the assessee is engaged in the business of warehousing, transporting and carriag...