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<h1>Classification of Income from Letting Godown as Business Income by Bombay High Court</h1> The High Court of Bombay held that income from letting out a godown should be classified as 'Profits and gains of business or profession', not as income ... Income From House Property The High Court of Bombay held that income derived from letting out a godown should be classified as 'Profits and gains of business or profession'. The Tribunal was not justified in treating it as income from other sources. The annual value of the godown should be computed under the head of income from property. The Revenue must pay the costs of the reference to the assessee.
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