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TMI Blog2017 (12) TMI 669X X X X Extracts X X X X X X X X Extracts X X X X ..... to generate income as such. We arrive at this conclusion on the basis of the findings rendered by the Tribunal through which it has reversed decision of the first appellate authority and the assessing authority after duly adverting and considering the relevant facts and materials and by assimilating the nature of the transaction of the assessee-corporation. The concept of letting of a property by an owner is clearly distinct in business parlance and commercial parlance from utilizing the premises available to a person for carrying out the activity of letting such premises to use, in the course of its activity, particularly warehousing. In this view of the matter, we are guided by the principles of law laid down in Sultan Brothers (1963 ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imary issue that arises for decision at the outset is as to whether this court would be justified, through these appeals under section 260A of the Act, 1961, to interfere with the decision rendered by the Tribunal reversing the decision of the first appellate court which confirmed the assessment order and thereby holding that the income derived by the respondent-assessee is to be treated as falling under income to business and not income from house property. 6. We may refer to paragraphs 6, 7 and 8 of the order of Tribunal. They dilate on the nature of activities of the respondent-assessee and the manner of the business carried on by the respondent in terms of its statutory authority and the contractual rights and obligations as between ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s such. We arrive at this conclusion on the basis of the findings rendered by the Tribunal through which it has reversed decision of the first appellate authority and the assessing authority after duly adverting and considering the relevant facts and materials and by assimilating the nature of the transaction of the assessee-corporation. 8. Reverting to the judgment of the Constitution Bench of the apex court in Sultan Brothers (P.) Ltd. v. CIT [1964] 51 ITR 353 (SC) ; 1964 AIR SC 1389, it has to be noted that each case has to be looked at from a businessman's point of view to find out whether the letting was the doing of a business or the exploitation of his property by an owner. The concept of letting of a property by an owner is c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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