S. 28: Income from letting of property on rent by an assessee engaged in the business of letting is assessable as "business profits" u/s 28 and not as "Income from house property" u/s 22 The assessee, a private limited company, had house property, which was rented and the assessee was receiving income from the said property by way of rent. The Supreme Court had to consider whether the income so received should be taxed under the head “Income from House Property” or “Profit and gains of business or profession”. The assessee claimed that though it is having house property and is receiving income by way of rent, the assessee is in business of renting its properties and is receiving rent as its business income and so the said income should be taxed under the Head “Profits and gains of business or profession”. The Revenue claimed that as the income is arising from House Property, the said income must be taxed under the head “Income from House Property”. HELD by the Supr...