Dismissing the appeals, of the revenue the Court held that   the basic requirements for the assessee to consider the income in question as “income from house property” stood clearly satisfied, as the assessee derived income from house property “owned by it”. Even if the assessee was in the business of letting or sub-letting of properties and deriving income therefrom, there was no embargo on the assessee from accounting the income received by it, from the property “owned by the assessee” as “income from house property” and at the same time, categorizing the rental income from other properties not of the assessee’s ownership under the head “Income from business”. Moreover in the prior assessment years, the Assessing Officer had accepted the assessee’s treatment of such income as income from house property, which was one of the factors which had weighed with the Tribunal to allow the appeals filed by the assessee, on the principle of consistency. The income from property for the assessment years 2008-2009, 2009-2010 and 2010-2011 was assessable as income from house property. Court also held that principle of res judicata is not applicable to income tax proceedings, but principes of consistency is applicable. (AY. 2008-09 to 2010-11)