https://www.taxtmi.com/caselaws?id=359481 The court determined that the notional rental income from a property held as stock-in-trade should be taxed under "Income from house property" rather than "Income from business." The judgment emphasized that tax liability is based on ownership rather than the actual use of the property. Additionally, the court highlighted the importance of substantiating rental income determinations and following guidelines set by previous court decisions in determining the correct annual letting value of the property as per relevant rent control legislation. en-us Tue, 24 Apr 2018 00:00:00 +0530 Tue, 01 May 2018 06:24:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359481 The court determined that the notional rental income from a property held as stock-in-trade should be taxed under "Income from house property" rather than "Income from business." The judgment emphasized that tax liability is based on ownership rather than the actual use of the property. Additionally, the court highlighted the importance of substantiating rental income determinations and following guidelines set by previous court decisions in determining the correct annual letting value of the property as per relevant rent control legislation. Case-Laws Income Tax Tue, 24 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359481