https://www.taxtmi.com/caselaws?id=436547 Lease rent from a commercial space developed and operated under a BOT arrangement was treated as business income because the assessee held only a licence over a bare shell structure and was engaged in systematic commercial development, operation and sub-licensing. The deemed ownership fiction under section 27(iiib) did not apply, as the arrangement was not a transfer of immovable property attracting section 53A of the Transfer of Property Act, 1882. Reliance on section 269UA(f)(i) and section 22 was held misplaced. CBDT Circular No. 9/2014 was accepted as supporting the characterisation of the receipts as business income. en-us Wed, 12 Apr 2023 00:00:00 +0530 Sat, 15 Apr 2023 13:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436547 Lease rent from a commercial space developed and operated under a BOT arrangement was treated as business income because the assessee held only a licence over a bare shell structure and was engaged in systematic commercial development, operation and sub-licensing. The deemed ownership fiction under section 27(iiib) did not apply, as the arrangement was not a transfer of immovable property attracting section 53A of the Transfer of Property Act, 1882. Reliance on section 269UA(f)(i) and section 22 was held misplaced. CBDT Circular No. 9/2014 was accepted as supporting the characterisation of the receipts as business income. Case-Laws Income Tax Wed, 12 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436547