Rent receipts of property not taxable in hands of Co. if shareholders are deemed owners of property under sec. 27
IT: Where assessee-company owned a landed property and it had constructed a commercial building on said land and later on it allotted specific portion of building to shareholders and thereafter it leased entire building to a tenant and distributed rental amount/monthly rent after deducting tax and maintenance to shareholders proportionately, in given situation shareholders were owners of specific portion of building allotted to them and it could not be said that assessee deemed to have derived income from rental
Regards
Prarthana Jalan
__._,_.___
Posted by: Prarthana Jalan <prarthanajalan@ymail.com>
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