2014 (6) TMI 963

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..... UMAR, J, This appeal is preferred by the revenue challenging the order passed by the Appellate Tribunal. The substantial questions of law which is raised in this appeal by the appellants is: "1. Whether on the facts and in the circumstances of the case the Tribunal is justified in law in holding that the rental income received from Forum Mall, Eva Mall and UB City should be treated as "Income f .....

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..... . Velankani Information Systems (P) Limited reported in (2013) 218 Taxman 88 (Karnataka). In the aforesaid decision this Court has observed as under:. "26.... ... ... If the intention is to exploit commercial property by putting up construction and letting out for the purpose of getting rental income, then notwithstanding the fact that the furniture and fittings are provided to the lessee, the i .....

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..... f letting out the commercial property and carrying at complex commercial activity and getting rental income therefrom, then such a rental income falls under the heading of profits and gains of business or profession." 3. In that view of the matter we do not see any merit in this appeal. As the substantial questions of law raised in this appeal are already answered in the aforesaid decision, this .....

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