https://www.taxtmi.com/caselaws?id=56145 The Income Tax Appellate Tribunal (ITAT) determined that the rental income received by an assessee-trust from leasing out a property to the Post and Telephone Department should be assessed as "Income from business" under Section 28 of the Income-tax Act. The ITAT held that the trust's activities of leasing a partly constructed property, completing its construction, and renting it out indicated a business intent, thus categorizing the income as business income. The ITAT disagreed with assessing the income under Section 22 (Income from house property) or Section 56 (Income from other sources) and allowed the Revenue's appeals while dismissing the assessee's cross-objections. en-us Fri, 08 Sep 1995 00:00:00 +0530 Wed, 01 Dec 2010 18:37:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56145 The Income Tax Appellate Tribunal (ITAT) determined that the rental income received by an assessee-trust from leasing out a property to the Post and Telephone Department should be assessed as "Income from business" under Section 28 of the Income-tax Act. The ITAT held that the trust's activities of leasing a partly constructed property, completing its construction, and renting it out indicated a business intent, thus categorizing the income as business income. The ITAT disagreed with assessing the income under Section 22 (Income from house property) or Section 56 (Income from other sources) and allowed the Revenue's appeals while dismissing the assessee's cross-objections. Case-Laws Income Tax Fri, 08 Sep 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56145