https://www.taxtmi.com/caselaws?id=394778 Compensation received under an option arrangement, where the owner agreed not to let vacant units to third parties for a specified period, was not rental income and could not be assessed as income from house property. Income from house property under sections 22 and 23 applies only where property is let out or deemed to be let out, with annual value computed on that basis. Because the units were neither actually let out nor vacant in the statutory sense, the receipt represented consideration for surrendering the right to lease the premises to others and fell under the residuary head as income from other sources. The addition under the head income from house property was deleted. en-us Fri, 28 Feb 2020 00:00:00 +0530 Fri, 24 Apr 2020 11:50:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394778 Compensation received under an option arrangement, where the owner agreed not to let vacant units to third parties for a specified period, was not rental income and could not be assessed as income from house property. Income from house property under sections 22 and 23 applies only where property is let out or deemed to be let out, with annual value computed on that basis. Because the units were neither actually let out nor vacant in the statutory sense, the receipt represented consideration for surrendering the right to lease the premises to others and fell under the residuary head as income from other sources. The addition under the head income from house property was deleted. Case-Laws Income Tax Fri, 28 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394778