INCOME TAX : Where assessee while working as director of company purchased one unit in a Hotel in USA but was not intending to run said unit himself but had given said unit for being run by a managing company, unit under consideration could not be construed to be a business undertaking of assessee, hence, loss from hotel unit was to be assessed under head ‘income from other sources’ and not as business lossINCOME TAX : Where assessee while working as director of company purchased one unit in a Hotel in USA but was not intending to run said unit himself but had given said unit for being run by a managing company, unit under consideration could not be construed to be a business undertaking of assessee, hence, loss from hotel unit was to be assessed under head ‘income from other sources’ and not as business losswww.taxmann.com Latest Case LawsRead More
