Tribunal held that, leasing of property for a period exceeding 12 years. Lease rental is assessable as income from house property and not as business income. (AY.1990-91 to 1992-93,1994-95,1998-99, 2000-01 to 2003-04)
Nahalchand Laloochand P. Ltd. v. Dy.CIT (2020)77 ITR 664 /183 ITD 25 / 191 DTR 218/ 204 TTJ 975(Mum.) (Trib.)
S. 22 : Income from house property-Deemed owner-Income from house property–Income from business–Sub letting of property– Leasing of property for a period exceeding 12 years-Lease rental is assessable as income from house property and not as business income. [S. 27(iiib), 28 (i), 56, 269UA(f)]