https://www.taxtmi.com/caselaws?id=420730 Rental income from a godown let to KSBC was held to be assessable as income from house property, not business income, because classification depends on the true character of the transaction in the totality of circumstances rather than on the mere commercial nature of the asset. A letting may constitute business income only where the letting itself forms part of the business activity or the commercial asset is exploited in the course of business; that was not shown here. The lease was mainly entered into to adjust outstanding liability, the assessee continued its manufacturing business, and the arrangement amounted to an owner's exploitation of property rather than business exploitation. en-us Thu, 31 Mar 2022 00:00:00 +0530 Thu, 23 Jun 2022 18:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420730 Rental income from a godown let to KSBC was held to be assessable as income from house property, not business income, because classification depends on the true character of the transaction in the totality of circumstances rather than on the mere commercial nature of the asset. A letting may constitute business income only where the letting itself forms part of the business activity or the commercial asset is exploited in the course of business; that was not shown here. The lease was mainly entered into to adjust outstanding liability, the assessee continued its manufacturing business, and the arrangement amounted to an owner's exploitation of property rather than business exploitation. Case-Laws Income Tax Thu, 31 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420730