https://www.taxtmi.com/caselaws?id=11857 Income from letting out a commercial complex constructed on land held under a long-term registered lease was whether assessable as "Income from house property" under s. 22 or "Profits and gains of business" under s. 28. Applying SC rulings that "owner" in s. 22 includes a person entitled to receive income in its own right, the HC held the assessee must be treated as owner since it built the complex and alone derived rent. The assessee's corporate object of earning income by leasing properties did not convert rental receipts into business income, as letting yields house property income unless inseparably linked to business operations. The Tribunal's order was set aside and the Revenue appeals were allowed, directing assessment under s. 22. en-us Thu, 30 Jan 2003 00:00:00 +0530 Fri, 26 Dec 2025 17:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11857 Income from letting out a commercial complex constructed on land held under a long-term registered lease was whether assessable as "Income from house property" under s. 22 or "Profits and gains of business" under s. 28. Applying SC rulings that "owner" in s. 22 includes a person entitled to receive income in its own right, the HC held the assessee must be treated as owner since it built the complex and alone derived rent. The assessee's corporate object of earning income by leasing properties did not convert rental receipts into business income, as letting yields house property income unless inseparably linked to business operations. The Tribunal's order was set aside and the Revenue appeals were allowed, directing assessment under s. 22. Case-Laws Income Tax Thu, 30 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11857