Universal Plast Ltd. v. CIT

237 ITR 454Supreme Court of India1999#1629 most cited

What is Universal Plast Ltd. v. CIT authority for?

Income received by an assessee from leasing or letting out assets, whether categorized as lease amount, rent, or license fee, is a mixed question of law and fact to determine if it falls under 'Profits and gains of business or profession'. No precise test exists, and the determination must consider the perspective of a businessman, the specific facts, and the true interpretation of the letting agreement.

69

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2007 to 2026.

Also referred to as

Universal Plast Ltd. v. CIT · 237 ITR 454 · Supreme Court · income from leasing assets · business income · income from house property · mixed question of law and fact · businessman's perspective · true interpretation of agreement · lease rental classification

Sections most often in play

Section 143(3)Section 24Section 14ASection 194-ISection 2(13)Section 37(1)Section 10Section 119
Read the full judgment

Issues it is cited on

recognised provident fundsection 50bsection 43b(f)approved gratuity fundsection 40a(9)section 211wholly and exclusively for businesssection 35dslump salesection 32(1)(ii)domestic companyfull value of consideration

Judgments citing Universal Plast Ltd. v. CIT

The ACIT, Cochin vs. M/S.Ptl Enterprises Ltd, Cochin

In the result, the appeals filed by the Revenue are dismissed

ITA 162/COCH/2017[2013-14]Status: DisposedITAT Cochin06 May 2019AY 2013-14

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri.Alok MitraFor Respondent: Sri.Abraham Joseph Markose
Section 56(2)(ii)

…y for a limited period and receiving rent, such rent is to be treated as income from business. The cases relied upon by the assessee such as 20 ITR 451, 169 ITR 597, 195 ITR 3525, 138 ITR 18, 116 ITR 781, 266 ITR 106, 166 ITR 211, 211 ITR 370, 164 ITR 288 and 237 ITR 454 (mentioned in para 16 of this order) support the case of the assessee. In all these cases, the Hon’ble Supreme Court and various High Courts held that rental income received for a limited period by way of letting out plant and machinery because the assessee was unable to operate on account of some difficulties either obtaining the new materials o…

The ACIT, Cochin vs. M/S.Ptl Enterprises Ltd, Cochin

In the result, the appeals filed by the Revenue are dismissed

ITA 161/COCH/2017[2012-13]Status: DisposedITAT Cochin06 May 2019AY 2012-13

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri.Alok MitraFor Respondent: Sri.Abraham Joseph Markose
Section 56(2)(ii)

…y for a limited period and receiving rent, such rent is to be treated as income from business. The cases relied upon by the assessee such as 20 ITR 451, 169 ITR 597, 195 ITR 3525, 138 ITR 18, 116 ITR 781, 266 ITR 106, 166 ITR 211, 211 ITR 370, 164 ITR 288 and 237 ITR 454 (mentioned in para 16 of this order) support the case of the assessee. In all these cases, the Hon’ble Supreme Court and various High Courts held that rental income received for a limited period by way of letting out plant and machinery because the assessee was unable to operate on account of some difficulties either obtaining the new materials o…

The ACIT, Cochin vs. M/S.Ptl Enterprises Ltd, Cochin

In the result, the appeals filed by the Revenue are dismissed

ITA 160/COCH/2017[2011-12]Status: DisposedITAT Cochin06 May 2019AY 2011-12

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri.Alok MitraFor Respondent: Sri.Abraham Joseph Markose
Section 56(2)(ii)

…y for a limited period and receiving rent, such rent is to be treated as income from business. The cases relied upon by the assessee such as 20 ITR 451, 169 ITR 597, 195 ITR 3525, 138 ITR 18, 116 ITR 781, 266 ITR 106, 166 ITR 211, 211 ITR 370, 164 ITR 288 and 237 ITR 454 (mentioned in para 16 of this order) support the case of the assessee. In all these cases, the Hon’ble Supreme Court and various High Courts held that rental income received for a limited period by way of letting out plant and machinery because the assessee was unable to operate on account of some difficulties either obtaining the new materials o…

M/S. Mula Pravara Electric Co-Op. Society Ltd., Ahmednagar vs. Deputy Ssistant Commissioner of Income-Tax

In the result, appeal of the assessee is partly allowed for statistical purposes

ITA 1776/PUN/2016[2012-13]Status: DisposedITAT Pune28 Sept 2018AY 2012-13

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर अपील सं आयकर अपील सं. / Ita No. 1776/Pun/2016 आयकर अपील सं आयकर अपील सं िनधा"रण वष" / Assessment Year : 2012-13 िनधा"रण वष" िनधा"रण वष" िनधा"रण वष"

For Appellant: Shri S.M. DoshiFor Respondent: Shri Amit Dua

…ntire infrastructure of the assessee. Further, AO discussed certain case laws, i.e. New Seven Sugar and Gur Refinery Co. Ltd. Vs. CIT 74 ITR 7 (SC), Madras Silk and Rayon Mills Pvt. Ltd. Vs. ITO & Another 262 ITR 122 (Mad.), Universal Plast Limited Vs. CIT 237 ITR 454 (SC), Guntur Merchants Cotton Press Company Ltd. Vs. CIT 154 ITR 861 etc. and held that, how a particular 4 M/s. Mula Pravara Electric Co-op. Society Ltd., receipt of income is taxed under the “income from business” or from “income from other sources” is specific to the facts of that case. Further, he also discussed intention of the assessee…

DCIT Cir - 3(1), Mumbai vs. M/S. Gujarat Ambuja Cements Ltd., Mumbai

In the result, Revenue’s appeal is dismissed

ITA 1416/MUM/2007[2003-2004]Status: DisposedITAT Mumbai10 Aug 2018AY 2003-2004

Bench: Shri Saktijit Dey & Shri N.K. Pradhan

…ending money and bill discounting of Memorandum of Association (Clause La &49)(Paper book page 102 & 104) and hence income arising therefrom in the course of business is assessable a business Income. He relied on the decision in the cases of Plast Ltd Vs CIT (237 ITR 454) (SC). CIT Vs Tirupati Woollen Mills Ltd. (193 ITR 252) (Cal) and Lakshmi Silk Mills Ltd 20 ITR 451(SC). 18. Ld. Counsel submitted that instead of considering Rs. 2,000/- on adhoc basis as expenditure incurred to earn the said income, the actual expenditure incurred to earn the aforesaid income is to be excluded. 19. The Ld. Departmental Represen…

M/S. Gujarat Ambuja Cements Ltd., Mumbai vs. DCIT RG. 3(1), Mumbai

In the result, Revenue’s appeal is dismissed

ITA 7092/MUM/2005[2002-2003]Status: DisposedITAT Mumbai10 Aug 2018AY 2002-2003

Bench: Shri Saktijit Dey & Shri N.K. Pradhan

…ending money and bill discounting of Memorandum of Association (Clause La &49)(Paper book page 102 & 104) and hence income arising therefrom in the course of business is assessable a business Income. He relied on the decision in the cases of Plast Ltd Vs CIT (237 ITR 454) (SC). CIT Vs Tirupati Woollen Mills Ltd. (193 ITR 252) (Cal) and Lakshmi Silk Mills Ltd 20 ITR 451(SC). 18. Ld. Counsel submitted that instead of considering Rs. 2,000/- on adhoc basis as expenditure incurred to earn the said income, the actual expenditure incurred to earn the aforesaid income is to be excluded. 19. The Ld. Departmental Represen…

Sane & Doshi Enterparises, Mumbai vs. Jt CIT 17(3), Mumbai

In the result appeal of the assessee is dismissed

ITA 998/MUM/2016[2012-13]Status: DisposedITAT Mumbai08 Aug 2018AY 2012-13

Bench: Shri Saktijit Dey & Shri Ramit Kochar

For Appellant: Shri. S.C. TiwariFor Respondent: Shri V. Justin, DR
Section 143(3)Section 24Section 48

…, the treatment given to the income would be decisive. 26. Let us now refer to some of the judgments. The main emphasis of Mr. Chhotaray was on the judgment of the Hon'ble Supreme Court in the case of Universal Plast Ltd. vs. Commissioner of Income-tax (1999) 237 ITR 454. There, the facts emerging from the judgment itself denote that the assessee set up a factory styled as “UPL Factory” for carrying on the business of manufacturing PVC sheets and allied products. The assessee suffered losses for two years. It then entered into an agreement styled as “leave and licence” agreement with M/s. Leatherite Industries Li…

M/S. Hyderabad Distilleries & Wineries Pvt.Ltd., Hyderabad vs. ACIT, Circle-2(2), Hyderabad

Appeal are allowed

ITA 740/HYD/2012[2008-19]Status: DisposedITAT Delhi12 Jul 2018AY 2008-19

Bench: Shri P. M. Jagtap & Ms Suchitra Kamblem/S Hyderabad Distilleries & Vs Acit Wineries Pvt. Ltd. A-4, Ida, Uppal Circle-2(2) Hyderabad-39 Hyderabad Aaach2679B (Appellant) (Respondent)

Section 5

…essed as ‘business income’ where the business assets/facilities have been let out for commercial exploitation: • CEPT v. Shri Lakshmi Silk Mills Limited: 20 ITR 451 (SC) • CIT v. Vikram Cotton Mills Ltd.: 169 ITR 597 (SC) • Universal Plast Ltd. & Ors. V. CIT: 237 ITR 454 (SC) • Rajendra Flour & Allied Industries : 128 ITR 402 (Del.) • CIT v. Northern India Iron and Steel Co. Ltd.: 211 ITR 370 (Del.) • CIT v. Super Fine Cables Private Ltd.: 154 ITR 532 (Del.) • CIT v. Mysore Wine Products Ltd.: ITA Nos. 408 to 410 of 2008 (Kar.) • CIT v. Kohinoor Tobacco Products P. Ltd.: 283 ITR 162 (MP) • CIT v. Anand Rubber and…

Brt Ltd, Mumbai vs. Asst CIT Cir 2(1)(1), Mumbai

In the result, appeal of the assessee is dismissed, as above

ITA 2001/MUM/2017[2012-13]Status: DisposedITAT Mumbai25 Oct 2017AY 2012-13

Bench: Shri G.S.Pannubrt Limited, Neville House, J.N.Heredia Marg, Ballard Estate, Mumbai 400 001 Pan: Aaacb 2433K ...... Appellant Vs. The Acit, Cir.2(1)(1) Mumbai - 400 020 ...... Respondent

For Appellant: Ms. Arati VissanjiFor Respondent: Ms. M. Hemalatha
Section 143(3)Section 24

…ing out of its property comprising of land factory premises alongwith attendants amenities is not a case of a temporary means of exploiting the property. In such a situation, the judgment of the Hon'ble Supreme Court in the case of Universal Plast Ltd. v. CIT,237 ITR 454(SC) squarely covers the controversy and it has to be held that that the licence fee, etc. earned in terms of the leave and licence agreement with M/s. Navnit Motors Pvt. Ltd. is not assessable as business income, as canvassed by the appellant. 5 6.1 Apart from the above, it is notable that a pertinent factual finding has been arrived at by the…

Polynova Packers, Mumbai vs. ITO 25(2)(2), Mumbai

In the result, I set-aside the order of the CIT(A) and direct the Assessing Officer to recompute the total income of the assessee in view of my aforesaid directions

ITA 6802/MUM/2016[2011-12]Status: DisposedITAT Mumbai23 Oct 2017AY 2011-12

Bench: Shri G.S. Pannu: (A.Y : 2011-12)

For Appellant: Shri K. Gopal &For Respondent: Ms. N. Hemalatha
Section 143(3)

…rmal business activity carried out by the assessee. In order to justify the assessment of the surplus as ‘income from other sources’, the Assessing Officer also referred to the judgment of the Hon'ble Supreme Court in the case of Universal Plasts Ltd. v. CIT, 237 ITR 454 (SC). 4. The assessee carried the matter in appeal before the CIT(A) who also affirmed the decision of the Assessing Officer. The CIT(A) noted that the renovated factory shed was not being used by the assessee for its business and the same was sold within the year itself. According to the CIT(A), the factory building could not be taken as a part…

Golden Soya Ltd, Mumbai vs. ITO WD No, 2(1)(4), Mumbai

In the result, all the appeals of the assessee are treated as partly allowed for statistical purposes

ITA 574/MUM/2017[2011-12]Status: DisposedITAT Mumbai13 Sept 2017AY 2011-12

Bench: Shri B.R. Baskaran (Am) I.T.A. No. 574/Mum/2017 (Assessment Year 2011-12) I.T.A. No. 573/Mum/2017 (Assessment Year 2010-11) I.T.A. No. 572/Mum/2017 (Assessment Year 2009-10) I.T.A. No. 571/Mum/2017 (Assessment Year 2008-09)

Section 57

…nt of tax by resorting to dubious methods. It is obligation of every citizen to pay the taxes honestly without resorting to subterfuges. d) Further reliance is placed on the following judicial decisions in this regard. 1. CIT V/s Universal Plats reported at 237 ITR 454 (SC) 2. Sultan Bros P Ltd. v/s CIT 51 ITR 353 (SC) 3. Narain Swadeshi Weaving Mills v/s CEPT 5. Further, the assessee had claimed various administrative expenses, being the expenses incurred at the plant and at the head office. The AO determined the expenses, which are related to the lease rental income and allowed the same. The AO also allowed…

Shri M M Creations, New Delhi vs. ACIT, New Delhi

In the result appeal filed by assessee for assessment year

ITA 5641/DEL/2012[2008-09]Status: DisposedITAT Delhi05 May 2017AY 2008-09

Bench: Sh. N. K. Saini & Smt. Beena A. Pillai & M. M. Creations Acit T-481A, Baljeet Nagar Circle-24(1), Behind Patel Nagar Police Station New Delhi Vs. New Delhi. Pan : Aaefm9802A (Appellant) (Respondent)

For Appellant: Sh. R. S. SinghviFor Respondent: Sh. Rajesh Kumar, Sr. DR
Section 24Section 56Section 56(2)(iii)

…pts on letting out of 7 and building by relying on the decision of Hon’ble Supreme Court therein. The same is reproduced herein below: “11. The Supreme Court in the decision of (1) Universal Plast Ltd., (2) Guntur Merchants Cotton Press Co. Ltd. v. CIT [1999] 237 ITR 454 (SC) laid down the following ratio (page 461): "(1) no precise test can be laid down to ascertain whether income (referred to by whatever nomenclature, lease, amount, rents, licence fee) received by an assessee from leasing or letting out of assets would fall under the head 'Profits and gains of business or profes sion'; (2) it is a mixed questio…

Mount View Club & Resorts P. Ltd, Navi Mumbai vs. ITO 10(3)(4), Mumbai

ITA 1361/MUM/2011[2007-08]Status: DisposedITAT Mumbai18 Jan 2017AY 2007-08

Bench: Shri Joginder Singh & Shri Manoj Kumar Aggarwalassessment Year: 2007-08 M/S Mount View Club & Income Tax Officer-10(3)(4), Resorts Pvt. Ltd. Mumbai बनाम/ 27, Mahavir Centre, Sector-17, Vs. Vashi, Navi Mumbai-400705 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No. Aaccm5353M

…aking the profit in that business. The assessee has been doing business from the other part of the business premises. He has relied upon the decision of the hon.Supreme Court in the case of Universal Plast Ltd. v. Commissioner of Income-tax reported in [1999] 237 ITR 454 (SC) as well as the decision of the Hon. Jurisdictional High Court in the case of Commissioner Of Income Tax vs Mohiddin Hotels Pvt. Ltd. And Anr. reported in 200 CTR 329. 6. On the other hand, the learned DR has submitted that the assessee had not started the business activities as per its own objective as given in the Memorandum Of Association.…

DCIT RG. - 3(1), Mumbai vs. M/S. Gujarat Ambuja Cements Ltd., Mumbai

In the result, appeal filed by the assessee is partly allowed and the appeal of the Revenue is dismissed

ITA 4374/MUM/2005[2001-2002]Status: DisposedITAT Mumbai18 Jan 2017AY 2001-2002

Bench: Shri C.N. Prasad, Jm & Shri Rajesh Kumar, Am Gujarat Ambuja Cements Limited, The Dy. Commissioner Of 122, Maker Chambers, Iii, Income-Tax- Range 3(1), फनधभ/ Nariman Point, Aayakar Bhavan, Vs. Mumbai-400021. M K Marg, Mumbai-400020 Dy. Commissioner Of Income- Gujarat Ambuja Cements Tax-Range 3(1), Limited, 122, Maker फनधभ/ Room No.607, 6Th Floor, Chambers, Iii, Nariman Point, Aayakar Bhavan, Mumbai-400021 Vs. M K Marg, Mumbai-400020 स्थधमी रेखध सं./ Pan : Aaacg0569P (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) :

For Appellant: S/Shri Soumen Adak & HarishFor Respondent: Shri K B Shukla

…nding money and bill discounting of Memorandum of Association (Clause La & 49)(Paper book page 102 & 104) and hence income arising therefrom in the course of business is assessable a business Income. He relied on the decision in the cases of Plast Ltd Vs CIT (237 ITR 454) (SC). CIT Vs Tirupati Woollen Mills Ltd. (193 ITR 252) (Cal) and Lakshmi Silk Mills Ltd 20 ITR 451(SC). 18. Ld. Counsel submitted that instead of considering Rs. 2,000/- on adhoc basis as expenditure incurred to earn the said income, the actual expenditure incurred to earn the aforesaid income is to be excluded 19. The Ld. Departmental Represent…

M/S. Gujarat Ambuja Cements Ltd., Mumbai vs. DCIT RG. 3(1), Mumbai

In the result, appeal filed by the assessee is partly allowed and the appeal of the Revenue is dismissed

ITA 3360/MUM/2005[2001-2002]Status: DisposedITAT Mumbai18 Jan 2017AY 2001-2002

Bench: Shri C.N. Prasad, Jm & Shri Rajesh Kumar, Am Gujarat Ambuja Cements Limited, The Dy. Commissioner Of 122, Maker Chambers, Iii, Income-Tax- Range 3(1), फनधभ/ Nariman Point, Aayakar Bhavan, Vs. Mumbai-400021. M K Marg, Mumbai-400020 Dy. Commissioner Of Income- Gujarat Ambuja Cements Tax-Range 3(1), Limited, 122, Maker फनधभ/ Room No.607, 6Th Floor, Chambers, Iii, Nariman Point, Aayakar Bhavan, Mumbai-400021 Vs. M K Marg, Mumbai-400020 स्थधमी रेखध सं./ Pan : Aaacg0569P (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) :

For Appellant: S/Shri Soumen Adak & HarishFor Respondent: Shri K B Shukla

…nding money and bill discounting of Memorandum of Association (Clause La & 49)(Paper book page 102 & 104) and hence income arising therefrom in the course of business is assessable a business Income. He relied on the decision in the cases of Plast Ltd Vs CIT (237 ITR 454) (SC). CIT Vs Tirupati Woollen Mills Ltd. (193 ITR 252) (Cal) and Lakshmi Silk Mills Ltd 20 ITR 451(SC). 18. Ld. Counsel submitted that instead of considering Rs. 2,000/- on adhoc basis as expenditure incurred to earn the said income, the actual expenditure incurred to earn the aforesaid income is to be excluded 19. The Ld. Departmental Represent…

International Ships Stores Supplieres, Mumbai vs. JCIT RG 13(2), Mumbai

In the result appeal of the assessee is dismissed

ITA 2502/MUM/2013[2009-10]Status: DisposedITAT Mumbai28 Oct 2016AY 2009-10

Bench: Shri G.S. Pannu() & Shri Ravish Sood () Assessment Year: 2009-10 International Ships Stores Suppliers Vs. Jcit, Range 13(2) 101, Navratan, 69 P.D. Mello Road Mumbai 1St Floor, Carnac Bunder, Mumbai Pan No. Aaafi0135Q (Appellant) (Respondent) Revenue By : Mr. Deepak Traslhawala Assessee By : Mr. Javed Akhtar Date Of Hearing : 25/07/2016 Date Of Pronouncement : 28/10/2016

For Appellant: Mr. Javed AkhtarFor Respondent: Mr. Deepak Traslhawala
Section 143(3)Section 40A(3)

…disallowing the same, therefore the order of the CIT(A) sustaining the disallowance may be vacated. The Ld. A.R in support of his aforesaid contention relied on the judgment of the Hon‟ble Supreme Court in the case of : Universal Past Ltd. etc. Vs. CIT (1999) 237 ITR 454 (SC) 8.2 That on the other hand the Ld. D.R heavily relying on the orders of the lower authorities therein submitted that as the fenders were reflected in the books of accounts of the assessee as a capital asset, therefore the loss of Rs. 14,74,982/- arising on the sale of the same could not be allowed to be booked as a business loss and as suc…

Bombay Plaza Pvt. Ltd., Kolkata vs. ACIT, Cir-5, Kolkata

In the result the appeals of the assessee are allowed

ITA 1641/KOL/2014[2006-2007]Status: DisposedITAT Kolkata02 Sept 2016AY 2006-2007

Bench: Hon’Ble Shri P.M.Jagtap, Am & Sri N.V.Vasudevan, Jm ]

For Appellant: Shri A.K.Gupta, FCAFor Respondent: Shri S.M.daws, JCIT, Sr.DR
Section 143(3)Section 22Section 27

…facilities/services and for which the assessee charges certain amount. Thus, income earned from the above is nothing but business income. 7. The Assessee relied on the decision of the Hon’ble Supreme Court in the case of Universal Plast Ltd. -vs.- CIT (1999) 237 ITR 454 that the question as to whether the rental income received by the assessee would fall under the head Profit and gains of business has to be determined from the point of view of a businessman after considering facts and circumstances of each case. Reliance was placed on the decision of the Hon’ble Gujarat High Court in the case of CIT vs New India…

Agya Ram vs. Commissioner of Income Tax

The appeals are allowed but in the circumstances with no order as to

ITA/292/2004HC Delhi01 Aug 2016

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE NAJMI WAZIRI

Section 147Section 22Section 28

…ITA Nos. 290/2004, 291/2004, 292/2004 & 293/2004 Page 1 of 16 $~ * IN THE HIGH COURT OF DELHI AT NEW DELHI R-13 to R-16. + ITA 290/2004 + ITA 291/2004 + ITA 292/2004 + ITA 293/2004 AGYA RAM ..... Appellant Through: Mr. K.R. Manjani, Advocate. versus COMMISSIONER OF INCOME TAX, DELHI .... Respondent Through: Mr. Rahul Chaudhary, Senior Standing Counsel with Mr. Raghvendra Kishore Singh and Mr. Anup Kumar,…

Agya Ram vs. Commmissioner of Income Tax

The appeals are allowed but in the circumstances with no order as to

ITA/290/2004HC Delhi01 Aug 2016

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE NAJMI WAZIRI

Section 147Section 22Section 28

…ITA Nos. 290/2004, 291/2004, 292/2004 & 293/2004 Page 1 of 16 $~ * IN THE HIGH COURT OF DELHI AT NEW DELHI R-13 to R-16. + ITA 290/2004 + ITA 291/2004 + ITA 292/2004 + ITA 293/2004 AGYA RAM ..... Appellant Through: Mr. K.R. Manjani, Advocate. versus COMMISSIONER OF INCOME TAX, DELHI .... Respondent Through: Mr. Rahul Chaudhary, Senior Standing Counsel with Mr. Raghvendra Kishore Singh and Mr. Anup Kumar,…

DCIT, Circle-6(1) vs. Mayar India Ld

In the result, issue stands answered in favour of the assessee

ITA 4123/DEL/2005[2001-2002]Status: DisposedITAT Delhi13 Jul 2016AY 2001-2002

Bench: Shri N. K. Saini & Smt. Beena A. Pillai

For Appellant: Shri P. Dam Kanunjna, Sr. DRFor Respondent: Shri Mukesh Kumar Bansal, CA
Section 260A

…n perusal of the judgement of Hon'ble High Court in assessee’s case, it is observed that Hon'ble High Court has directed the issue to be considered in the light of ratio expounded by Hon'ble Supreme Court in the case of Universal Plast Ltd. Vs CIT reported in 237 ITR 454. 3. It is observed form the records placed before us that the assessee is engaged in the business of indenting and trading of import and sales of timber. The assessee was using property at Okhla Industrial Area as commercial asset. The assessee then shifted its branch office at Mayar Tower, 12, Yamuna Marg, Delhi from F-83, Okhla Industrial Area…