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TMI Blog2014 (5) TMI 196X X X X Extracts X X X X X X X X Extracts X X X X ..... econdly what are the facilities given along with the buildings and documents executed in respect of each of them is to be seen. Thirdly it is to be found out whether it is inseparable or not. If they are inseparable and the intention is to carry on the business of letting out the commercial property and carrying at complex commercial activity and getting rental income therefrom, then such a rental ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ds thus: Whether on the facts and in the circumstances of the case and in law the Tribunal was correct in holding that the warehousing rental charges received by the assessee is assessable under the head income from business and not under the head income from house property? 4. The assessee - M/s. Karnataka State Warehousing Corporation is the government undertaking. It was est ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g up construction and letting it out for the purpose of getting rental income, then notwithstanding the fact that the furniture and fittings are provided to the lessee, the income from the building fall under the head 'Income from house property'. But if the assessee is in the business of taking land, putting up commercial buildings thereon and letting out such buildings with all furniture ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fact, any other interpretation would defeat the very object of introduction of Section 80-IA as well as the scheme which is framed by the Government for development of industrial parks in the country. It is, thus, clear that the rental charges received by the assessee are assessable under the head income from business and not under home property. In the circumstances, no substantial questions ..... X X X X Extracts X X X X X X X X Extracts X X X X
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