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Where renting out properties is main business, then income is rightly taxed as Business Income- SC
Case Law Details
- Case Name
- Chennai Properties & Investments Ltd vs. CIT (Supreme Court of India)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- Supreme Court of India
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Notable words:
It is our genuine belief that, every income that is received from a property is to be taxed as Income from House Property. Our belief is based on the various decisions favoring such belief. However the facts of recent case have forced us to give different thought.
Sections involved
Section 22 of Income Tax Act, 1961
Section 28 of Income Tax Act, 1961
Brief Facts:
Appellant assessee Company, incorporated with main objective as stated in MOA is to acquire the properties in the city of Chennai (Earlier named as Madras) and to let out those properties. The company had returned it i...
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Need more clarification
Please mail me the full judgement @ [email protected]
Thanks in advance
this is a good uudgement
on my view, when income has treated as business income then all exp. related business exp. must allowable
pls. if it is possible publish the full judgement
VERY INTERESTING JUDGEMENT BUT NO CLARITY ON EXPENSES TO BE CLAIMED AGAINST RENTAL INCOME. CAN WE CLAIM ADMINISTRATIVE EXPENSES AND DEPRECIATION ON LET OUT PROPRETY ? TO BE CLARIFIED.
Dear Ramesh sir,
Can you pls share the full text of judgement on mail id: [email protected].
It would be really grateful.
Regards,
CA Chirag Gala
what if the assessee derives income from other sources along with the rental income from properties…
What about the Interest on loan if the loan is taken as LAP ( Not a housing Loan)? Can the assessee shows the income under B/P and get the deduction of the Interest on loan??