‘Income from leasing of property’ was ‘Income From Business” not “Income from House property”

National Leasing Limited Vs ACIT (Bombay High Court) Conclusion: Income of assessee was derived from letting out of the properties, which was the principal business of assessee as seen from its main objectives contained in its memorandum of association, therefore, assessee was correct in accounting such income under the head ‘income from profits and gains of business’, and not as ‘income from house property’. Held: Assessee was engaged in the business of purchasing and renting properties, as also the entire income of the assessee was based on the income received from leasing its proper...