https://www.taxtmi.com/caselaws?id=216237 Rental receipts from an owned building were assessable under the specific head of income from house property, not as business income, because mere letting of property does not amount to a business activity. The assessee was therefore entitled to the statutory deductions attached to that head, including interest on borrowed capital. Lease receipts from land actually used for agricultural operations were agricultural income, as rent or revenue derived from such land falls within the statutory exemption and cannot be taxed as ordinary income. Both additions were deleted and the revenue's appeal failed. en-us Thu, 14 Jun 2012 00:00:00 +0530 Tue, 28 Aug 2012 17:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216237 Rental receipts from an owned building were assessable under the specific head of income from house property, not as business income, because mere letting of property does not amount to a business activity. The assessee was therefore entitled to the statutory deductions attached to that head, including interest on borrowed capital. Lease receipts from land actually used for agricultural operations were agricultural income, as rent or revenue derived from such land falls within the statutory exemption and cannot be taxed as ordinary income. Both additions were deleted and the revenue's appeal failed. Case-Laws Income Tax Thu, 14 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216237