Rental Income from Real Estate Business is Business Income

Income Tax Officer Vs. M/s Zever Tower Pvt. Ltd. (ITAT Delhi) With regard to ground no. 1 relating to assessing the rental income as business income as claimed by the assessee is concerned, we find that assessee had filed the return income of Rs. 3,57,0899/- and the case was taken up for scrutiny. Shri Ghanshyam Agrawal and Smt. Anita Gupta are the Directors of the The assessee is in the business of real estate and property development and purchase and sale of lands and flats etc. During the year the assessee had received the rental income of Rs. 49,20,000/- which the assessee had declared as ...