2018 (3) TMI 1041 - SCH - Income Tax

Treating the receipts from the lease of its hotel - business income OR house property income - Held that - SLP dismissed. HC order confirmed 2017 (8) TMI 193 - BOMBAY HIGH COURT . HC has correctly observed that the business was handed over by the respondent assessee to KHIL in the year 1994 and since the assessment year 1995-96 till the assessment year 2005-06, the income from the same was assessed as a business income. The assessment for the year 1995-96 was completed under Section 143(3) of the Income Tax Act. So also, for the assessment year 2003-04 and assessment year 2005-06, the assessment was completed under Section 143(3) of the Income Tax Act. The claim of the assessee of the said income being a business income was accepted. The assessee is not receiving any rent amount but is receiving 1% of the total revenue earned by KHIL and does not get any fix amount as rent. These aspects are considered by the Tribunal. - Decided against revenue.