Lease Income Classified as House Property; Fixed Annual Rent Supersedes Profit-Sharing Clause in Lease Agreement.

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Full Text of the Document

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....Leased rental received - Income from house property - During the first year of lease he has agreed to receive the 60% profit of the business as annual rental income but subsequently the annual rent has been prescribed in clause 3 of the lease deed. Therefore, by any stretch of imagination it cannot be said that the assessee was doing business with the lasee on profit sharing basis. - AT....