Income from House Property ??

[CA.BHUPENDRASHAH]

When an assessee-company exploits its property to earn income in form of rent,
rental income received by assessee is chargeable to tax under head "income from
house property" and not under head "profits and gains of business"

· Merely because the property was given on leave or licence for a
specific purpose of running restaurant or it was given along with furniture,
fixtures as well as other equipments required for running of restaurant, the
same, could not change the character of rental income which is "income from
house property" and the same would not become business income even if the hire
was inclusive of other assets which were incidental to running a restaurant

[
ITAT MUMBAI BENCHES `B'

Batra Gulati Hotels