Assessee was engaged in business of development of Bio-Tech Park, construction, leasing and sale of commercial properties. AO assessed the sub lease of property as income from other sources. Tribunal held that assessee’s business of development of Bio-Tech Park had already commenced, and therefore, sub-lease income was assessable as business income . On appeal High Court upheld the order of the Appellate Tribunal. (AY. 2010-11)
PCIT v. International Biotech Park Ltd. (2018) 259 Taxman 14 (Bom.)(HC)
S. 28(i) : Business income–Sub lease of property–Assessable as business income and not as income for other sources. [S. 56]