Correct head of income - The same land when assessee in case, ...

Income from Letting Vacant Land Used for Film Production Classified as Business Income, Not Property Income.

September 23, 2021

Case Laws Income Tax AT

Correct head of income - The same land when assessee in case, decided to continue with the film production, will be used for the assessee’s business as business asset. Therefore, temporary let out of the vacant land and only be part of business income. Therefore, in the given case the land is separable from the bungalow to let out independently, thus the land can be treated as separate asset and this letting out of the land independently cannot be part of the income from these property. - To be treated as income from business only - AT

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Correct head of income - The same land when assessee in case, ...

Income from Letting Vacant Land Used for Film Production Classified as Business Income, Not Property Income.

September 23, 2021

Case Laws Income Tax AT

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