https://www.taxtmi.com/caselaws?id=27814 Rent from a godown constructed for business purposes but let to a third party, without being used by the assessee in its own business, was held to arise from ownership of property rather than from any business activity. The annual value was therefore required to be determined under Section 23(1) of the Income-tax Act, 1961, and the rent was assessable under the head of income from house property, not profits and gains of business or profession. en-us Fri, 02 Sep 1983 00:00:00 +0530 Tue, 16 Feb 2010 12:06:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27814 Rent from a godown constructed for business purposes but let to a third party, without being used by the assessee in its own business, was held to arise from ownership of property rather than from any business activity. The annual value was therefore required to be determined under Section 23(1) of the Income-tax Act, 1961, and the rent was assessable under the head of income from house property, not profits and gains of business or profession. Case-Laws Income Tax Fri, 02 Sep 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27814