| |
The Tax PublishersITA No. 347 of 2016
2019 TaxPub(DT) 0242 (Bom-HC)INCOME TAX ACT, 1961
Section 14
Where assessee was engaged in the business of development of real estate projects and letting of property was not the business of assessee and as such rental income received from unsold portion of property constructed by real estate developer was assessable to tax as income from house property and not as business income.
|
Head of income - Income from house property or Business income - Rental income received from unsold portion of property constructed by real estate developer -
AO assessed rental income received from unsold portion of property constructed by real estate developer, i.e., the assessee, as business income. Held: As assessee was in the business of development of real estate projects and letting of property was not the business of assessee and as such rental income received from unsold portion of property constructed by real estate developer was assessable to tax as income from house property and not as business income.
Followed:CIT v. Sane & Doshi Enterprises (2015) 377 ITR 165 (Bom) : 2015 TaxPub(DT) 2590 (Bom-HC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2008-09
 SUBSCRIBE FOR FULL CONTENT
|