https://www.taxtmi.com/caselaws?id=405733 Rental income from premises owned by the assessee and let to an independent tenant was assessable under the head income from house property, because the receipt arose from ownership rather than business activity; non-compliance with conditions under another regulatory regime did not change its tax character, and deduction under section 24 was available. In the trading dispute, a turnover mismatch and circulation certificate did not justify taxing the entire difference as income; only the net profit element was chargeable, with proper allowance for expenditure and exclusion of rent receipts to avoid double taxation. Fresh computation on the adjusted net profit basis was therefore required. en-us Wed, 24 Mar 2021 00:00:00 +0530 Fri, 26 Mar 2021 08:49:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405733 Rental income from premises owned by the assessee and let to an independent tenant was assessable under the head income from house property, because the receipt arose from ownership rather than business activity; non-compliance with conditions under another regulatory regime did not change its tax character, and deduction under section 24 was available. In the trading dispute, a turnover mismatch and circulation certificate did not justify taxing the entire difference as income; only the net profit element was chargeable, with proper allowance for expenditure and exclusion of rent receipts to avoid double taxation. Fresh computation on the adjusted net profit basis was therefore required. Case-Laws Income Tax Wed, 24 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405733