https://www.taxtmi.com/caselaws?id=49595 The Supreme Court held that the rental income received by a banking company from its headquarters building was considered part of its business income and thus liable to excess profits tax. The Court set aside the Calcutta High Court's decision and affirmed the orders of the Department and the Tribunal. The majority opinion emphasized that the rental income fell within the scope of the Excess Profits Tax Act as it was part of the bank's business activities as per its memorandum of association. The appeal was allowed with costs awarded to the appellant. en-us Mon, 20 Apr 1959 00:00:00 +0530 Wed, 09 Mar 2016 11:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49595 The Supreme Court held that the rental income received by a banking company from its headquarters building was considered part of its business income and thus liable to excess profits tax. The Court set aside the Calcutta High Court's decision and affirmed the orders of the Department and the Tribunal. The majority opinion emphasized that the rental income fell within the scope of the Excess Profits Tax Act as it was part of the bank's business activities as per its memorandum of association. The appeal was allowed with costs awarded to the appellant. Case-Laws Income Tax Mon, 20 Apr 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49595