Rent from tenants is property income; estimated profit on exchange not taxable

The High Court of Madras held that rent received from tenants constitutes income from property. Additionally, the court ruled that a provision made in the accounts for estimated profit on exchange transactions should not be taxed for the assessment years 1977-78 and 1978-79.

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The High Court of Madras delivered a judgment on two cases concerning assessment years 1977-78 and 1978-79. The court ruled that rent received from tenants constitutes income from property based on a previous decision. The court also decided that a provision made in the accounts for estimated profit on exchange transactions should not be taxed.

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