https://www.taxtmi.com/caselaws?id=447342 Rental receipts were assessable as income from house property where the assessee had acquired the property under an agreement to sell, was in possession, and had the right to receive the income, even though no registered conveyance existed; deduction under section 24(a) was therefore available on that footing. Business expenditure was not allowable where the record for the relevant year did not show a subsisting money lending business, no interest income was earned, and the transactions relied upon were treated as old advances linked to property dealings rather than an active lending ; each assessment year had to be tested on its own facts. The assessee obtained only partial relief. en-us Thu, 30 Nov 2023 00:00:00 +0530 Fri, 22 Dec 2023 22:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447342 Rental receipts were assessable as income from house property where the assessee had acquired the property under an agreement to sell, was in possession, and had the right to receive the income, even though no registered conveyance existed; deduction under section 24(a) was therefore available on that footing. Business expenditure was not allowable where the record for the relevant year did not show a subsisting money lending business, no interest income was earned, and the transactions relied upon were treated as old advances linked to property dealings rather than an active lending ; each assessment year had to be tested on its own facts. The assessee obtained only partial relief. Case-Laws Income Tax Thu, 30 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447342