Rental income from sub-lease shall be considered as Business Income since same was business of assessee

Shanthilal Movji Bhai Thakker Vs ITO (ITAT Chennai)

ITAT held that rental income from sub-lease shall be considered as business income as the assesee was engaged in business of real estate development and the property in question was sub-leased in furtherance of their business.

Shri Shanthilal Movji Bhai Thakker (“the Appellant”) aggrieved by the order (“Impugned Order”) passed by Assessing Officer (“AO�

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