When an assessee-company exploits its property to earn income in form of rent, rental income received by assessee is chargeable to tax under head "income from house property" and not under head "profits and gains of business"

ITAT MUMBAI BENCHES `B’, Batra Gulati Hotels Vs. ITO, APPEAL NO: ITA NO. 655/Mum/2009, DECIDED ON June 25,2010 ORDER PER P.M. JAGTAP, A.M. This appeal by the assessee is directed against the order of ld. CIT(A) XVI, Mumbai dtd. 27.10.08. 2. The assessee in the present case is a partnership firm which filed its return of income for the year under consideration on 25.10.2005 declaring total income of `Nil’. During the course of assessment proceeding, it was noticed by the A.O. that practically no business activity was carried on by the assessee during the year under ...