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2010 (7) TMI 488 - AT - Income TaxBusiness income or Rental income - ownership of property - property on lease - tenancy right - CIT (A) held that the rental income was assessable under the head business and not under the head income from house property. - Held that: - the assessee has exploited the lease rights in the property as an owner. The rent has been received under tenancy rights and, therefore, the assessee is owner of the property for the purposes of section 22 of the Act. Accordingly, the rent received by the assessee will be assessable under the head “house property” and not under the head “income from business. - Decided in favor of revenue.
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