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2011 (7) TMI 651 - KARNATAKA HIGH COURTRental income received by the assessee is to be treated as income from house property and not from business and profession - assesse was partnership firm. It was carrying on Real estate business - property developed by the assessee was let out to various tenants - partnership firm was converted into a private Limited Company - Assessing Authority accepted the contention of the assessee and the rental income was accordingly computed under section 22 of the Act - interest paid by the assessee was claimed deduction. The Assessing Officer did not allow the entire interest as deduction - Appellate Commissioner treated the rental income as income from business and accordingly, disallowed the depreciation and enhanced the liability of payment of tax. He also disallowed the claim of the assessee on other grounds - appeal against the order of the Appellate Commissioner - impugned order, contended the Tribunal was in error in holding that the rental income is to be assessed as business income - estopped from challenging this appeal - appeal is dismissed
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