Supreme Court in case of Chennai Properties and Investments Ltd vs. CIT (2015) has held that income from letting of properties by a company whose main object as per the Memorandum of Association (MOA) is to acquire and l

CS Executive · Tax Laws · PYQS · December 2020
Supreme Court in case of Chennai Properties and Investments Ltd vs. CIT (2015) has held that income from letting of properties by a company whose main object as per the Memorandum of Association (MOA) is to acquire and let out properties be taxable as:
(A) Income under "House Property"
(B) Income under "Profits & Gains of business or profession"
(C) Income under "Other Sources"
(D) Income under "Capital Gains"

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Income from House Property / Income from Business or Profession

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