https://www.taxtmi.com/caselaws?id=342848 The SC upheld the tribunal's decision against the assessee regarding taxation of income from a shopping center. The appellant, who acquired leasehold rights through auction, constructed a market area and sub-licensed it to various persons, was deemed the owner under Section 27(iiib) of the Income Tax Act, 1961. The court held that the appellant qualified as owner within Section 22 read with Section 27, making the income taxable accordingly. The appellant failed to produce sufficient evidence to demonstrate that letting out property was its principal business activity or that substantial income derived from such activity. The ITAT's factual findings attained finality as the appellant did not challenge their correctness or show them to be perverse. The tribunal correctly determined the appellant's ownership status for tax purposes. en-us Tue, 09 May 2017 00:00:00 +0530 Thu, 17 Jul 2025 13:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342848 The SC upheld the tribunal's decision against the assessee regarding taxation of income from a shopping center. The appellant, who acquired leasehold rights through auction, constructed a market area and sub-licensed it to various persons, was deemed the owner under Section 27(iiib) of the Income Tax Act, 1961. The court held that the appellant qualified as owner within Section 22 read with Section 27, making the income taxable accordingly. The appellant failed to produce sufficient evidence to demonstrate that letting out property was its principal business activity or that substantial income derived from such activity. The ITAT's factual findings attained finality as the appellant did not challenge their correctness or show them to be perverse. The tribunal correctly determined the appellant's ownership status for tax purposes. Case-Laws Income Tax Tue, 09 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342848