Income derived from property is taxable as ‘Income from House Property’

M/s. Suyash Holding & Estate Developers Pvt. Ltd. Vs ITO (ITAT Mumbai) From the record we found that assessee has purchased only one flat which was also let out to one of its Directors of the company on rent which was found to be much lower than the market rate of the property. There is no other transaction of assessee of letting out the house property nor assessee has any other house property for doing the business of letting out. The decision relied on by learned AR in case of Chennai Properties Vs Investments Ltd and Rayala Corporation Pvt. Ltd (supra) are not applicable to the peculiar...