2000 (2) TMI 55

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....AYAT C. J.---At the instance of the Revenue, the following questions have been referred to this court under section 256(1) of the Income-tax Act, 1961 (in short "the Act"), by the Income-tax Appellate Tribunal, Cochin Bench (in short "the Tribunal") : "1. Whether, on the facts and in the circumstances of the case, leasing out of different properties would amount to carrying on of business ? ....

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....d not reckon the activity to be a business activity and refused registration under section 185(1)(b) of the Act. The matter was carried in appeal before the Deputy Commissioner of Income-tax (Appeals) (in short "the Dy. CIT (A)"). The views of the Assessing Officer were confirmed by the first appellate authority. On further appeal, the Tribunal held that the activities carried on by the asse....

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....e decision of the apex court in S. G. Mercantile Corporation P. Ltd. v. CIT [1972] 83 ITR 700. Learned counsel for the Revenue is correct in his submission that much would depend upon the factual aspects, more particularly, the nature of interest in the property. Since those aspects were not considered by the Tribunal, which merely relied on some decisions for the broader principle that ownersh....