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2016 (8) TMI 903 - AT - Income TaxIncome from letting of property - income from business and not as income from house property - Held that:- In the present case, the asset is a commercial asset, has not been controverted by the Revenue. The property under consideration let out by the assessee is a commercial property, which can only be exploited commercially, the income earned therefore, on account of letting, deserves to be taxed as income from business and not as income from house property. If an assessee derived income form a commercial assets which is capable of being use as a commercial asset, then it is income from his business. Whether he uses that commercial asset himself for lets it out to somebody else to be used. The asset would not cease to be commercial asset simply because temporarily it was put out of use or it was let out to another person for his use. Thus it is concluded that as the property under consideration before us let out by the assessee being a commercial property, can only be exploited commercially and the income earned there from, on account of letting, deserves to be taxed as income from business. - Decided in favour of the assessee
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