Building rent cannot be treated as Business Income if Assessee not in Leasing Business

Gowtham Residential Junior College Vs ACIT (ITAT Visakhapatnam) The Ld.DR submitted that the assessee has declared income by way of rent received to the tune of Rs.2,06,66,410/- and treated the same as business income for the current year. The assessee has claimed expenses to the tune of Rs.88,51,069/- involving bank charges, repairs and maintenance, interest paid to banks, travelling charges, depreciation, PF paid and income tax. He further submitted that by referring to clauses in the lease deed, the AO found that the assessee has leased out the buildings for the period of 10 years for annua...