Rental income of developer cum builder to be taxed as house property income instead of business income

Mascot Constructions (P) Ltd. Vs ITO (ITAT Mumbai)

Conclusion:  Nature of income which had been rental earning from the house property would not change just because it had been received by assessee-company formed with the object of carrying out business as builder and developer, therefore, AO had, rightly assessed the rental receipts under the head Income from house property.

Held: Assessee-company was a builder cum developer had acquired 5/6th lease right of an old building alongwit

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