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TMI Blog2002 (9) TMI 90X X X X Extracts X X X X X X X X Extracts X X X X ..... to 1988-89. The question referred in these tax cases is: "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in holding that the rental for the mere letting of godowns received by the assessee should be assessed under the head 'Income from business' and not 'property'?" The assessee had, during these years, received income by way of r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Food Corporation of India. One of the objects of the assessee-company was to build warehouses and to let out the same. In the case of East India Housing and Land Development Trust Ltd. v. CIT [1961] 42 ITR 49, the Supreme Court, in the context of facts which were similar to those found in this case, held that the rental income is to be assessed only as income from house property. In that case, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e tax on the aggregate taxable receipts from all the sources; it is not a collection of taxes separately levied on distinct heads of income. But the distinct heads specified in section 6 indicating the sources are mutually exclusive and the income derived from different sources falling under specific heads has to be computed for the purpose of taxation in the manner provided by the appropriate sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Supreme Court will apply to the facts of the present case. The source of the income being the warehouses, it matters little as to who the lessee for the time being is, whether it is the same lessee continuing over a period of time or a shifting class of lessees who occupied the spaces for shorter periods and paid rental for such use. The case of Karanpura Development Co. Ltd. v. CIT [1962] 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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