Systematic / Regular Sub-Leasing of premises is taxable as business Income

On 16.04.1991 the Assessee entered into an agreement with M/s East India Hotels Limited (now renamed as EIH Limited) to acquire under a license an area of 9,000  square feet in Hotel Oberoi Towers, Bombay (now renamed as Trident Nariman Point) for the purpose of using the same as a shopping centre. The tenure of the said leave and license was a period of 50 years at a fixed monthly license fee as agreed between the parties. After acquiring the said shopping space the assessee utilized it in granting different portions of the shopping space to various parties wh

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