House property income on building over leased land remains taxable under that head, with only permitted deductions allowed.

Rental income from a building owned by the assessee remained chargeable under the head "Income from House Property" even though the land was taken on lease, because ownership of the underlying land is not required for that head. Once income falls under that head, only the deductions expressly allowed by the relevant provision can be claimed. The attempt to treat the income under another head in order to set off lease rent for the land was rejected, and the lease rent was not admissible against the house property income.

---

---

Issues: Whether rental income derived from a building constructed on leased land was assessable under the head "Income from House Property" and whether the lease rent paid for the land could be netted off as expenditure under a different head of income.

Analysis: The building was owned by the assessee, even though the land beneath it was taken on lease. The charging provision for house property income applies to the annual value of a building of which the assessee is the owner, and ownership of the underlying land is not a prerequisite. Once the income is assessable under the head "Income from House Property", only the deductions specifically provided under the relevant provision are allowable. The claim to assess the rent under another head so as to deduct lease rent for the land was therefore unsustainable.

Conclusion: The rental income was correctly assessed under the head "Income from House Property", and the assessee was not entitled to deduct the lease rent of the land against that income.

Final Conclusion: The appeals failed and the assessment made by the lower authorities was sustained.

Ratio Decidendi: Income derived from a building owned by the assessee is chargeable under the head "Income from House Property" even if the building stands on leased land, and only the deductions expressly permitted under that head are admissible.

---