https://www.taxtmi.com/caselaws?id=21612 The court ruled in favor of the assessee, a private limited company, regarding the assessment of lease rent as business income under the Income-tax Act, 1961 for the assessment years 1977-78 and 1978-79. The Tribunal found that since the lease rent was collected by the vendee after possession was handed over, it could not be considered as the assessee's business income under section 28. The judgment clarified the distinction between income assessable under the head "Property" and business income, emphasizing that until ownership of property was transferred by execution and registration of a sale deed, the lease rent could not be assessed as business income. en-us Thu, 30 Jan 1992 00:00:00 +0530 Wed, 25 Nov 2009 17:41:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21612 The court ruled in favor of the assessee, a private limited company, regarding the assessment of lease rent as business income under the Income-tax Act, 1961 for the assessment years 1977-78 and 1978-79. The Tribunal found that since the lease rent was collected by the vendee after possession was handed over, it could not be considered as the assessee's business income under section 28. The judgment clarified the distinction between income assessable under the head "Property" and business income, emphasizing that until ownership of property was transferred by execution and registration of a sale deed, the lease rent could not be assessed as business income. Case-Laws Income Tax Thu, 30 Jan 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21612