Rental income of developer cum builder to be taxed as house property income instead of business income

Mascot Constructions (P) Ltd. Vs ITO (ITAT Mumbai) Conclusion:  Nature of income which had been rental earning from the house property would not change just because it had been received by assessee-company formed with the object of carrying out business as builder and developer, therefore, AO had, rightly assessed the rental receipts under the head Income from house property. Held: Assessee-company was a builder cum developer had acquired 5/6th lease right of an old building alongwith the tenants for the remaining lease period. Assessee could not get the remaining 1/6th portion even after 15 ...