Rental from unsold Commercial Properties is House Property Income: ITAT

Discovery Estates Pvt. Ltd. Vs ACIT (ITAT Delhi) In the case, the issue in dispute is regarding the head under which rental income is to be taxed. The assessee is earning rental income from commercial malls and offered the same under the head ‘Profit and Gains of Business or Profession’. The rental income has been generated from commercial units which remained unsold and were held as stock in trade in desire of acceptable sale price. The Assessing Officer has taxed the said rental/lease income under the head “income from house property”. The Hon’ble Delhi High Court in its judgment d...