Sale of property taxable under capital gain as rent income assessed under house property

Knowell Realtors (India) Pvt Ltd Vs ACIT (Kerala High Court) Kerala High Court held that as rental income of property already treated under the head ‘income from house property’, the sale of said property to be assessed under the head ‘capital gains’ and not as ‘business income’ since there is no change in any circumstance. Facts- The appellant is a company. The issue involved in these appeals is regarding the head of income under which the receipts of rent collected by the appellant in relation to leased property should be classified for the purposes of the Income Tax Act. The sai...