https://www.taxtmi.com/caselaws?id=118143 The Tribunal concluded that the rental income received by the assessee should be assessed under the head "Income from house property" and not as business income. The principle of consistency should not perpetuate an error, and each assessment year is independent. The nature of the property (stock-in-trade vs. capital asset) is not relevant in determining the head of income. The Tribunal set aside the CIT (Appeals) order and restored the AO's order, assessing the rental income under the head "House property income." The appeals by the revenue were allowed. en-us Fri, 07 Jul 2006 00:00:00 +0530 Thu, 28 Jun 2012 17:02:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118143 The Tribunal concluded that the rental income received by the assessee should be assessed under the head "Income from house property" and not as business income. The principle of consistency should not perpetuate an error, and each assessment year is independent. The nature of the property (stock-in-trade vs. capital asset) is not relevant in determining the head of income. The Tribunal set aside the CIT (Appeals) order and restored the AO's order, assessing the rental income under the head "House property income." The appeals by the revenue were allowed. Case-Laws Income Tax Fri, 07 Jul 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118143