Income from Sub-letting of Property is taxable as Other Income

ITO Vs. M/s Natraj Vinimay Pvt. Ltd. (ITAT Kolkata) Assessee is not owner of the property and had merely sublet the same to another person the said property was not shown in the books of accounts of the assessee. Since, the assessee is not the owner of the property the said rental income cannot be held as income from house property. Since, the assessee was not engaged in the business of subletting, the same cannot be construed as business income of the assessee. Accordingly, ITAT upheld the action of the assessee by treating the rental income as income from other sources. FULL TEXT OF THE ITAT...