https://www.taxtmi.com/caselaws?id=77609 Rental income from flats temporarily let on licence basis was held to fall under income from house property, because ownership of the property was the ative factor and the heads of income under the Income-tax Act are mutually exclusive. Temporary letting after an unsuccessful attempt to sell the flats did not convert property income into business income. The assessee's corporate objects were not decisive. Authorities were therefore correct in applying precedent that income derived from property owned by the assessee must be assessed under the specific head for house property, while cases involving different facts, such as absence of ownership or letting of a commercial asset in the ordinary course of business, were inapplicable. en-us Fri, 29 Aug 2008 00:00:00 +0530 Tue, 28 Sep 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77609 Rental income from flats temporarily let on licence basis was held to fall under income from house property, because ownership of the property was the ative factor and the heads of income under the Income-tax Act are mutually exclusive. Temporary letting after an unsuccessful attempt to sell the flats did not convert property income into business income. The assessee's corporate objects were not decisive. Authorities were therefore correct in applying precedent that income derived from property owned by the assessee must be assessed under the specific head for house property, while cases involving different facts, such as absence of ownership or letting of a commercial asset in the ordinary course of business, were inapplicable. Case-Laws Income Tax Fri, 29 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77609