{"id":59685,"date":"2026-04-28T09:00:03","date_gmt":"2026-04-28T03:30:03","guid":{"rendered":"https:\/\/itatonline.org\/digest\/national-leasing-ltd-v-acit-2024-168-taxmann-com-39-2025-481-itr-432-bomhc\/"},"modified":"2026-04-28T09:00:03","modified_gmt":"2026-04-28T03:30:03","slug":"national-leasing-ltd-v-acit-2024-168-taxmann-com-39-2025-481-itr-432-bomhc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/national-leasing-ltd-v-acit-2024-168-taxmann-com-39-2025-481-itr-432-bomhc\/","title":{"rendered":"National Leasing Ltd. v. ACIT [2024] 168 taxmann.com 39 \/ (2025) 481 ITR 432 (Bom)(HC)"},"content":{"rendered":"

Assessee-company was engaged in business of purchasing and renting properties. It had no other source of income. Assessing Officer passed an assessment order\u00a0 whereby Assessing Officer calculated annual value of property on basis of gross rent instead of actual rent issued by assessee as shown in its returns under head Income from house property Tribunal held that income of assessee fell under head ‘income from house property’ and not income from business. The order of the Assessing Officer was affirmed by the Tribunal.On appeal the Court held that\u00a0 since income of assessee was derived from letting out of properties, which in fact, was principal business of assessee, assessee was correct in accounting such income under head income from profits and gains of business, and not as income from house property.(AY. 1989-90 to 1992-93, 1995-96, 2005-06\u00a0 to 2008-09)<\/h2>\n","protected":false},"excerpt":{"rendered":"

S. 28(i) : Business income-Income from house property-Lease of property-Business of purchasing and renting properties-No other source of income-Income derived from letting out properties assessable under head ‘income from profits and gains of business’, and not as income from house property. [S. 22, 23, 56 (2)(iii)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-59685","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fwF","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59685","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=59685"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59685\/revisions"}],"predecessor-version":[{"id":59686,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59685\/revisions\/59686"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=59685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=59685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=59685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}