1988 (11) TMI 147

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....come derived by the assessee from the property is assessable under the head income from property and not from other sources. 2. The relevant facts are that the assessee company was incorporated on 22nd April, 1978 and the assessee's Memorandum of Association (cl. 3) reveals that the assessee's one of the objects was to carry on all or any of the business in respect of land and/or properties, dwel....

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....roper facts were brought to the notice of the authorities below. Shri Kothari submitted that as clause-3 of Memorandum of Association is very clear and according to that the assessee is empowered to carry on the hotel business or any business in land etc. Which cover the rental income also. Once the rental income is taken as income from business, the expenses so claimed for running the business ar....