Rent received as per option agreement is taxable as other income

Redwood IT Services P. Ltd. Vs ITO (ITAT Mumbai) The issue under consideration is that whether the rent received as per the option agreement is chargeable to tax under the head ‘ Income from house property‘ or under the head ‘ Income from Other sources‘? The option agreement was neither a rental agreement nor a lease agreement, but an agreement to lease out premises at a future point of lime, constraining the appellant to lease out to any third party and consequently, the consideration received is chargeable to tax under the head “Income from other sources” ...