1994 (1) TMI 75

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ed in this case is as follows: "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is correct in law in holding that the property situate in 1-C, Nungambakkam High Road, Madras, which belonged to the assessee and used by the directors for purposes of residence, should be treated as used for purpose of the business within the meaning of section 22 of the Income-ta....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....case of CIT v. Vazir Sultan Tobacco Co. Ltd. [1988] 173 ITR 290. It is obvious that when the company gives the house as residence to its director, it was doing so only in the course of its business. The principle is that if the owner of a property carries on business with a property owned by him, the income from that property must be assessed as only income from business. In the present case since....