https://www.taxtmi.com/caselaws?id=20284 The High Court of Madras ruled that a residential property owned by an assessee-company, utilized by directors for residence, should be considered as used for business purposes under section 22 of the Income-tax Act, 1961. The property's use for directors' residence falls under business use, exempting the notional income from assessment under section 22. The Court held that when a company provides a house for its director's residence, it is part of its business activities, and income from such property should be treated as business income. The income from the property was included in the total income of the assessee, contrary to the Revenue's position. en-us Mon, 17 Jan 1994 00:00:00 +0530 Fri, 13 Nov 2009 10:23:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20284 The High Court of Madras ruled that a residential property owned by an assessee-company, utilized by directors for residence, should be considered as used for business purposes under section 22 of the Income-tax Act, 1961. The property's use for directors' residence falls under business use, exempting the notional income from assessment under section 22. The Court held that when a company provides a house for its director's residence, it is part of its business activities, and income from such property should be treated as business income. The income from the property was included in the total income of the assessee, contrary to the Revenue's position. Case-Laws Income Tax Mon, 17 Jan 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20284