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2015 (5) TMI 311 - HC - Income TaxTreatment to rental income - Business income or House property - assessee himself in his wealth-tax return has treated the self-same house property, from which the rental income has been derived, as stock-in-trade and on that basis contended that he is not liable to pay wealth-tax - Held that:- As regards the first contention of revenue that the assessee cannot be permitted to blow hot and cold by taking one stand before the Income-tax authority and another before the wealth-tax authority, it can straightaway be pointed out that this question can be raised in the wealth- tax proceedings and may be decided in accordance with law. But, in so far as the Income-tax is concerned, that can only be levied in accordance with the provision of the Act. Submission of revenue that main object of the company appears to be dealing in property and, therefore, the object is business and, therefore, that should be treated as business income cannot be accepted because the object is both to earn money by selling the property as also by letting them out. It cannot be said that the company is not authorised by the memorandum to earn profit by letting out. Therefore, this submission of Mr. Saraf is not of any significance. The point raised in this appeal is covered by a judgment of this court in the case of the assessee itself [2011 (9) TMI 729 - Calcutta High Court] wherein held that the income on account of rent from the unsold flats should be treated as an income from house property. - Decided in favour of assessee.
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