https://www.taxtmi.com/caselaws?id=28247 The High Court of Karnataka ruled that the notional income from a house property owned by a partner of a firm, used in the firm's business, should be included in the partner's total income. The Court held that the property owner, who is also a partner of the firm, is not entitled to exemption under Section 22 of the Income Tax Act if the property is used for the firm's business. The Court rejected the Tribunal's decision and concluded that the annual letting value of the property must be included in the partner's assessment for the relevant year. en-us Wed, 02 Nov 1983 00:00:00 +0530 Sat, 20 Feb 2010 10:16:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28247 The High Court of Karnataka ruled that the notional income from a house property owned by a partner of a firm, used in the firm's business, should be included in the partner's total income. The Court held that the property owner, who is also a partner of the firm, is not entitled to exemption under Section 22 of the Income Tax Act if the property is used for the firm's business. The Court rejected the Tribunal's decision and concluded that the annual letting value of the property must be included in the partner's assessment for the relevant year. Case-Laws Income Tax Wed, 02 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28247