TaxTMI 
TaxTMI 
2011 (7) TMI 651
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....l challenging the order passed by the Tribunal which has allowed its appeal and held the rental income received by the assessee is to be treated as income from house property and not from business and profession. The assessee was originally a partnership firm. It was carrying on Real estate and property development business. It developed a property near HAL airport, Bangalore. The funds required f....
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....t has to be taxed only under section 22 of the Act. The Assessing Authority accepted the contention of the assessee and the rental income was accordingly computed under section 22 of the Act. The assessee had collected maintenance charges towards the common area from the tenants and declared the same as business income. This was considered as income under other sources. The administration expenses....
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....g the rental income as income from business and contended that it should be treated as income from house property. The Tribunal, at Paragraph 4, has held as under: "4. For the assessment year 2000-01, both the parties before us object to the direction of CIT(A) to treat the rental receipts as business profits falling u/s 28 of the Act. Both the parties agreed before us that for the said year the ....