2003 (3) TMI 28 - MADRAS HIGH COURT

Rental income – Income from Business/Property - "(1) Whether Tribunal was correct in law in holding that the rental receipts derived from letting out of properties should be assessed under the head 'Business'? - (2) Whether Tribunal was correct in law in holding that the expenses incurred for the purpose of letting out of the properties should be allowed as 'business expenditure'?" - Assessee, as owner of the building, was only exploiting the property as owner by leasing out the same and realising income by way of rent. Such rental income is liable to be assessed under the head "Income from house property" - Both questions are answered in negative and in favour of Revenue