Rental income from Warehouse is taxable as Business Income

DCIT Vs Maa Amba Towers Ltd. (ITAT Kolkata)

Hon’ble Supreme Court in the case of Chennai Properties supra, we hold that the ld CITA had rightly directed the ld AO to treat the warehouse rentals as income from business and consequentially allow the expenditure claimed in the return as business expenditure. Accordingly,  Ground  raised by the revenue is dismissed.

FULL TEXT OF THE ITAT JUDGMENT

This Revenue’s appeal for assessment year 2012-13 arises against the Commissioner of Income Tax (Appeals)-4, Kolkata’s order dated 28.08.2015 passed in case No.1940/CIT(A)/Cir-10(1)/14-15, in proceedings u/s 143(3) of the Income Tax Act, 1961; in short ‘the Act’.

Heard both the parties. Case file perused.

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