Home › Tax Laws › Dismissing the appeal of the revenue the Court held that ; assessee which is in business of development of Bio-Tech Park, construction, leasing and sale of commercial properties, earned income from sub-lease of property and assessee’s business for development of Bio-Tech Park had already commenced, sub-lease income is assessable as business income and not as income from other sources . ( AY.2010-11) PCIT v. International Biotech Park Ltd. (2018) 259 Taxman 14 (Bom) (HC)

Dismissing the appeal of the revenue the Court held that ; assessee which is in business of development of Bio-Tech Park, construction, leasing and sale of commercial properties, earned income from sub-lease of property and assessee’s business for development of Bio-Tech Park had already commenced, sub-lease income is assessable as business income and not as income from other sources . ( AY.2010-11) PCIT v. International Biotech Park Ltd. (2018) 259 Taxman 14 (Bom) (HC)

S. 28(i) : Business income -Income from other sources- Business of development of Bio-Tech Park, construction, leasing and sale of commercial properties, earned income from sub-lease of property and assessee’s business for development of Bio-Tech Park had already commenced, sub-lease income is assessable as business income and not as income from other sources .[ S.56 ]

Dismissing the appeal of the revenue the Court held that ; assessee which is in  business of development of Bio-Tech Park, construction, leasing and sale of commercial properties, earned income from sub-lease of property and assessee’s business for development of Bio-Tech Park had already commenced, sub-lease income is assessable as business income and not as income from other sources .  ( AY.2010-11)