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TMI Blog2017 (8) TMI 295X X X X Extracts X X X X X X X X Extracts X X X X ..... rities have concurrently correctly observed that the basic intention of the Assessee was commercial exploitation of its properties by developing them as shopping malls/business centers and therefore, income derived there from is assessable as business income. The main object of the company, the nature of the business activities of the Assessee Company as well as the terms of the agreement has been considered. The various services provided by the Assessee company during the course of operation and running of said commercial complex are also considered. Thus plausible conclusion arrived at. - Decided against revenue. - Income Tax Appeal No. 690, 691, 692, 698, 699, 919 of 2015 - - - Dated:- 2-8-2017 - S. V. Gangapurwala And A. M. Badar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, the resultant income must be assessed as income from house property and the amenities such as electricity, cooling towers, elevators and car parking provided by the Assessee to its tenant were incidental to the letting out of the property and could not be termed as complex commercial activities. 5] The learned counsel for the Respondent supports the impugned order and submits that the Commissioner (Appeals) and the Tribunal on appreciation of the facts have concurrently arrived at the finding that the income received by the Assessee is a business income. The business of the company, even as per the memorandum of its association is to purchase properties and to give on lease or on licence basis along with complex commercial activities. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inseparable and are provided along with the building. 8] Both the authorities have concurrently observed that the basic intention of the Assessee was commercial exploitation of its properties by developing them as shopping malls/business centers and therefore, income derived there from is assessable as business income. 9] The main object of the company has been considered, the nature of the business activities of the Assessee Company as well as the terms of the agreement has been considered. The various services provided by the Assessee company during the course of operation and running of said commercial complex are also considered. 10] Both the authorities on appreciation of evidence on record have arrived at a plausible conclus ..... X X X X Extracts X X X X X X X X Extracts X X X X
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