Rental Income inextricably linked with setting up of project is capital receipt

 In the present case, the rents are received on a property purchased for setting up of the project and is inextricably linked to the completion of the project. Considering the fact that the assessee had taken steps to evict tenants and also paid compensation to them while getting vacant possession for completing the project, the rental receipts received during the period have to be set off to the cost of project. Accordingly, I am of the opinion that the said amounts canno

Please become a Premium member. If you are already a Premium member, login here to access the full content.