Court Rules Lease Rent as Income from Other Sources, Not Business Income, Due to Lack of Commercial Exploitation Efforts.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Correct head of income - Lease rent received - to be treated as business income or as income from other sources - There was no attempt to exploit the commercial assets of the company and instead the assessee merely renewed rental arrangement and received rent as a passive receipt. - the rental income received by the assessee from ATL ought to be treated as income under the head “income from other sources”. - HC....