2024 (11) TMI 917 - SCH - Income Tax

Correct head of income - True character of the income - Income from leasing or letting out the properties in shopping-cum-entertainment Mall - income from business or income from house property - ITAT held that where the letting out the property is the main object of a company, its income is to be computed under the head income from business and it cannot be treated as income from house property , affirmed the order passed by the CIT (A) As decided in HC 2024 (4) TMI 753 - MADHYA PRADESH HIGH COURT order passed by A.O. nowhere shows that the entire income or substantial income of the assessee was from letting out of the properties, which is admittedly not the principal business activity of the assessee. Therefore, we do not find any perversity in the findings recorded by the ITAT as well as the CIT (A) HELD THAT - Having heard the learned Additional Solicitor General appearing for the petitioner and having gone through the materials on record, we see no reason to interfere with the impugned order passed by the High Court of Madhya Pradesh at Indore. Special Leave Petition is, accordingly, dismissed.

Summary

The Supreme Court dismissed the Special Leave Petition after finding no reason to interfere with the impugned order of the High Court of Madhya Pradesh at Indore. Delay was condoned. Petitioner represented by Mr. Raghavendra P Shankar, A.S.G. and others.