|
Tax Publishers
Rental income from Subletting BOT assets developed
in metro station - Whether house property or business income
Facts:
Assessee
was granted leasehold rights of land in two metro stations of DMRL on BOT basis
in which they had made substantial investments and were earning rent by
subletting the same. For earlier assessment years 2011-12 to 2014-15 assessee
offered income as house property and then revised it as business income.
Similarly they filed the income as business income for the said relevant
asst. year as well. This was read to be house property income by AO applying section
27(iiib) as deemed owner of the lease. On appeal CIT(A) allowed the appeal of
the assessee citing earlier year views. On further appeal by revenue -
Held
against the revenue that the letting out was income from business.
CBDT
circular no.9/2014 dated 23-04-2014 for BOT project revenue will apply to the
assessee entailing them benefits of depreciation etc. as well.
Case: ACIT v. Rcube Projects Pvt. Ltd. 2023 TaxPub(DT) 2474 (Del-Trib)
|