Rental income constitutes business receipts if leasing is one of the objects in Memorandum

IT : Since the object in the Memorandum permitted the appellant to carry on business in letting out properties and as 85% of the income of the appellant was by way of deriving rent and lease rentals, the income from rent constituted the business income of the appellant. Since compensation paid by the appellant, the landlord of the premises, to obtain possession from the lessee/tenant so as to earn a higher rental income, it had arisen out of business necessity and commercial expediency.