CIT v. Prestige Estate Projects (P) Ltd. (2020) 274 Taxman 6 (Karn.)(HC)

S. 28(i) : Business income-Real estate development-Letting out mall-Assessable as business income and not income from house property. [S. 22, 23]

Dismissing the appeal of revenue the Court held  that as the business  of assessee being  real estate development, rental income received by assessee from letting out mall developed by it and rental income received from fit outs, namely, base super structure of building, were liable to brought to tax under head ‘income from business’ and income from other sources’ respectively and not income from house property’. (A.Y. 2005-06)