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TMI Blog1960 (11) TMI 7X X X X Extracts X X X X X X X X Extracts X X X X ..... r of little moment that the occupation which is the source of the income is temporary. The income-tax authorities were, in our judgment, right in holding that the income received by the appellant was assessable under section 9 of the Income-tax Act. Appeal dismissed. - - - - - Dated:- 2-11-1960 - Judge(s) : S. K. DAS., M. HIDAYATULLAH., J. C. SHAH JUDGMENT The judgment of the court was delivered by SHAH, J.--This is an appeal with special leave against the judgment of the Income-tax Appellate Tribunal, Calcutta Bench, Calcutta. The appellant is a private company registered under the Indian Companies Act incorporated with the objects, amongst others, (1) to buy and develop landed properties and (2) to promote and develop mar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Income-tax Act. By section 6 of the Income-tax Act the following six different heads of income are made chargeable : (1) salaries, (2) interest on securities, (3) income from property, (4) profits and gains of business, profession or vocation, (5) income from other sources and (6) capital gains. This classification under distinct heads of income, profits and gains is made having regard to the sources from which income is derived. Income-tax is undoubtedly levied on the total taxable income of the taxpayer and the tax levied is a single tax on the aggregate taxable receipts from all the sources ; it, is not a collection of taxes separately levied on distinct heads of income. But the distinct heads specified in section 6 indicating the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the tenants at an additional charge. The taxing authorities sought to charge the income from letting out of the rooms as receipts of trade chargeable under Schedule D, but that claim was negatived by the House of Lords holding that the rents were profits arising from the ownership of land assessable under Schedule A and that the same could not be included in the assessment under Schedule D as trade receipts. In Commercial Properties Ltd. v. Commissioner of Income-tax income derived from rents by a company whose sole object was to acquire lands, build houses and let them to tenants and whose sole business was management and collection of rents from the said properties, was held assessable under section 9 and not under section 10 of the I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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