2022 (6) TMI 814 - SCH - Income Tax

Correct head of income - Lease rent received - to be treated as business income or as income from other sources - HELD THAT - Both the Income Tax Appellate Tribunal (ITAT) as well as the High Court have rightly held that the rental income to be treated as income from other sources . We are in complete agreement with the view taken by the ITAT as well as the High Court. Regarding the Decision on quality loss and on penalty/stores and spares we are in complete agreement with the ITAT as well as the High Court. We see no reason to interfere with the impugned judgment and order(s) passed by the High Court in exercise of powers under Article 136 of the Constitution of India. The Special Leave Petitions stand dismissed.

Summary

The Supreme Court upheld the decision of the Income Tax Appellate Tribunal and High Court regarding rental income being treated as "income from other sources." The Court also agreed on issues of "quality loss" and "penalty/stores and spares." The judgment was not interfered with, and Special Leave Petitions were dismissed.