https://www.taxtmi.com/caselaws?id=180898 Rental receipts from buildings owned by the assessee were held assessable under the property head, because income falling within a specific statutory head must be taxed under that head and not as business income merely due to the assessee's wider trading activities. On that basis, depreciation on the buildings was disallowed as a business deduction, and the portion of managing agency commission attributable to property services was also not deductible against rental income, since no such allowance existed under the property head. Interest on borrowings linked to an exempt building property was likewise disallowed. Only the part of interest on mixed borrowings shown, on facts, to relate to business expenditure remained allowable. en-us Thu, 19 Sep 1963 00:00:00 +0530 Mon, 04 Apr 2016 14:18:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180898 Rental receipts from buildings owned by the assessee were held assessable under the property head, because income falling within a specific statutory head must be taxed under that head and not as business income merely due to the assessee's wider trading activities. On that basis, depreciation on the buildings was disallowed as a business deduction, and the portion of managing agency commission attributable to property services was also not deductible against rental income, since no such allowance existed under the property head. Interest on borrowings linked to an exempt building property was likewise disallowed. Only the part of interest on mixed borrowings shown, on facts, to relate to business expenditure remained allowable. Case-Laws Income Tax Thu, 19 Sep 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180898