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2011 (9) TMI 729 - CALCUTTA HIGH COURTBusiness income or House property - Assessing Officer pointed out that in the wealth tax proceedings the assessee had taken the plea that the unsold flats as shown in stock-in-trade were not assets for the purpose of Wealth Tax Act and, hence, not taxable under the said Act - if the subject matter of stock-in-trade was not unsold flats simplicitor, but were plants, machinery, godown, etc. and in those circumstances it could be reasonably argued that income by exploiting those stock-in-trade would come under the purview of income from business - the reasoning assigned by the Tribunal if the subject matter of stock-in-trade was not unsold flats simplicitor, but were plants, machinery, godown, etc. and in those circumstances it could be reasonably argued that income by exploiting those stock-in-trade would come under the purview of income from business - the unsold flats being house property, pure and simple and having fallen under the head, income from house property, as provided in section 22 of the Act, in our opinion, Commissioner of Income-tax (Appeals) rightly held that the rental income of such property should be assessed under section 22 of the Act - Decided in favor of the assessee
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