| The Tax Publishers2020 TaxPub(DT) 3311 (SC) : (2020) 271 TAXMAN 0025 INCOME TAX ACT, 1961
Section 261 Section 28(i)
Where the Department preferred SLP to appeal against the judgment of Madras High Court in CIT v. Elnet Technologies Ltd. (2013) 213 Taxman 129 (Mad.) : 2013 TaxPub(DT) 0684 (Mad-HC), whereby it was held that when the company had taken lands on 90 years lease with the objects of constructing IT company with all its infrastructural facilities, the same was for the purpose of establishing and providing the amenities required to run, mainain, manage or administer computer centres for manfacuring or processing software packages and/or hardware materials and components required for computer industry, to exploit it as a business proposition, therefore, the lease rentals are assessable as business income only, the Supreme Court dismissed the SLP as withdrawn, leaving question(s) of law open.
|
Appeal (Supreme Court) - Special leave petition - Head of income - Business income v. Income from house propery--Leave rentals from leasing of property
Department preferred SLP to appeal against the judgment of Madras High Court in CIT v. Elnet Technologies Ltd. (2013) 213 Taxman 129 (Mad.) : 2013 TaxPub(DT) 684 (Mad-HC), whereby it was held that when the company had taken lands on 90 years lease with the objects of constructing IT company with all its infrastructural facilities, the same was for the purpose of establishing and providing the amenities required to run, mainain, manage or administer computer centres for manufacturing or processing software packages and/or hardware materials and components required for computer industry, to exploit it as a business proposition, therefore, the lease rentals are assessable as business income only.Held: Counsel for the petitioner(s), on instructions issued by the Department of Revenue, Ministry of Finance vide F.No.390/Misc/116/2017-JC, dated 22-8-2019, sought permission to withdraw these special leave petition(s) along with pending applications therein due to low tax effect. Permission was granted, subject to just exceptions. The special leave petition(s) and pending applications were dismissed as withdrawn, leaving question(s) of law open.
REFERRED :
FAVOUR : SLP dismissed as withdrawn.
A.Y. :
IN THE SUPREME COURT OF INDIA
 SUBSCRIBE FOR FULL CONTENT
OR Try Reload the Page |