1960 (11) TMI 7

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the town of Calcutta and set up a market therein. The appellant constructed shops and stalls on platforms on that land. For the assessment year 1953-54 the appellant received Rs. 53,145 as income from the tenants of shops and Rs. 29,721 from the tenants or occupants of stalls. The Income-tax Officer assessed the income derived from shops and stalls under section 9 of the Income-tax Act. The order of assessment was confirmed in appeal by the Appellate Assistant Commissioner and by the Tribunal. The appellant has obtained special leave to appeal against the order of the Tribunal. The appellant contends that because it is a company formed with the object of promoting and developing markets, its income derived from the shops and stalls is li....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....erent sources falling under specific heads has to be computed for the purpose of taxation in the manner provided by the appropriate section. If the income from a source falls within a specific head set out in section 6, the fact that it may indirectly be covered by another head will not make the income taxable under the latter head. The income derived by the company from shops and stalls is income received from property and falls under the specific head described in section 9. The character of that income is not altered because it is received by a company formed with the object of developing and setting up markets. In United Commercial Bank Ltd. v. Commissioner of Income-tax this court explained after an exhaustive review of the authoriti....