Income from Sub-leasing of properties – Business or House Property?

Rayala Corporation Private Limited Vs. ACIT (Madras High Court) Whether Income from Sub-leasing of properties will be considered as Income from Profits and Gain from Business or Profession (Section 28) or Income form House Property (Section 22). Tax Case (Appeal) No.91 of 2012, at the instance of the assessee has been admitted on the following substantial questions of law: (i) Whether the Income Tax Appellate Tribunal is justified in upholding the assessment of the income received by the appellant, by a) sub leasing of already leased out property; b) maintenance charges and air conditioning hi...