https://www.taxtmi.com/caselaws?id=212359 The High Court held that rental income from letting out commercial space should be taxed as income from property, not business income, under the Income-tax Act. The Court disagreed with the Tribunal's decision and upheld the Assessing Officer's original assessment. Emphasizing that the property was not in the assessee's possession for business purposes, the Court set aside the Tribunal's order and restored the Commissioner's decision in favor of the Revenue for the assessment year 1996-97. No costs were awarded in the case. en-us Wed, 13 Apr 2011 00:00:00 +0530 Tue, 01 May 2012 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212359 The High Court held that rental income from letting out commercial space should be taxed as income from property, not business income, under the Income-tax Act. The Court disagreed with the Tribunal's decision and upheld the Assessing Officer's original assessment. Emphasizing that the property was not in the assessee's possession for business purposes, the Court set aside the Tribunal's order and restored the Commissioner's decision in favor of the Revenue for the assessment year 1996-97. No costs were awarded in the case. Case-Laws Income Tax Wed, 13 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212359