https://www.taxtmi.com/caselaws?id=64058 Rental income from property owned by the assessee is assessable under the specific head of income from house property, not as business income, even if the property was earlier treated as stock-in-trade or intended for commercial exploitation. The heads of income are mutually exclusive, so once ownership is established, the tax treatment follows the house property provisions. As a result, only deductions specifically allowable under that head can be claimed, and business expenditure deductions are not available against such income. The disallowance under section 43B was not pressed before the first appellate authority and did not remain for adjudication. en-us Wed, 31 Jul 2002 00:00:00 +0530 Thu, 03 Feb 2011 14:44:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64058 Rental income from property owned by the assessee is assessable under the specific head of income from house property, not as business income, even if the property was earlier treated as stock-in-trade or intended for commercial exploitation. The heads of income are mutually exclusive, so once ownership is established, the tax treatment follows the house property provisions. As a result, only deductions specifically allowable under that head can be claimed, and business expenditure deductions are not available against such income. The disallowance under section 43B was not pressed before the first appellate authority and did not remain for adjudication. Case-Laws Income Tax Wed, 31 Jul 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64058