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| The Tax Publishers2022 TaxPub(DT) 0615 (Karn-HC) INCOME TAX ACT, 1961
Section 14
Income earned by assessee from complex commercial activity of letting out of building along with other amenities in an industrial park would be chargeable to tax under the head 'Income from business or profession' and not under the head 'Income from house property' as alleged by revenue.
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Head of income - Income earned by letting out of building along with other amenities in an industrial park - 'Income from business or profession' or 'Income from house property' -
Issue under consideration was whether income earned by assessee-company from complex commercial activity of letting out of building along with other amenities in an industrial park would be treated as 'Income from business or profession' or 'Income from house property'.Held: In view of decision of Division Bench of High Court in the case of CIT v. Velankani Information Systems (P.) Ltd. (2013) 218 Taxman 88 (Karn-HC) : 2014 TaxPub(DT) 4270 (Karn-HC), income earned by assessee from complex commercial activity of letting out of building along with other amenities in an industrial park would be chargeable to tax under the head 'Income from business or profession', and not under the head 'Income from house property' as alleged by revenue.
Followed:CIT v. Velankani Information Systems (P.) Ltd. (2013) 218 Taxman 88 (Karn-HC) : 2014 TaxPub(DT) 4270 (Karn-HC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2011-12
IN THE KARNATAKA HIGH COURT
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