2020 (1) TMI 1635 - SCH - Income Tax

Rental income - Income from Business / House Property - whether the income arising on the leasing of the property was business of the assessee? - as per HC lease rentals are assessable as business income only - HELD THAT - As Petitioner(s), on instructions issued by the Department of Revenue, Ministry of Finance vide F.No.390/Misc./116/2017-JC dated 22.08.2019, seeks permission to withdraw these special leave petition(s) along with pending applications therein due to low tax effect. Permission granted, subject to just exceptions. SLP and pending applications are dismissed as withdrawn, leaving question(s) of law open.

Summary

The Supreme Court allowed the petitioner to withdraw the special leave petition due to low tax effect. The petition and pending applications were dismissed as withdrawn, leaving questions of law open.