1994 (1) TMI 75

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..... er, on the facts and in the circumstances of the case, the Appellate Tribunal is correct in law in holding that the property situate in 1-C, Nungambakkam High Road, Madras, which belonged to the assessee and used by the directors for purposes of residence, should be treated as used for purpose of the business within the meaning of section 22 of the Income-tax Act, 1961, and accordingly in deleting .....

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..... [1988] 173 ITR 290. It is obvious that when the company gives the house as residence to its director, it was doing so only in the course of its business. The principle is that if the owner of a property carries on business with a property owned by him, the income from that property must be assessed as only income from business. In the present case since the Appellate Tribunal held that the house .....

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