Case Law Details
Case Name : Chennai Properties & Investments Ltd Vs CIT (Supreme Court of India)
Related Assessment Year :
Courts :
Supreme Court of India
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The appellant-assessee is a company incorporated under the Indian Companies Act. Its main objective, as stated in the Memorandum of Association, is to acquire the properties in the city of Madras (now Chennai) and to let out those properties. The assessee had rented out such properties and the rental income received therefrom was shown as income from business in the return filed by the assessee. The assessing officer, however, refuse to tax the same as business income. According to the assessing officer, since the income was received from letting out of the properties, it was in the nature of ...
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