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Head of Income

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(Querist)
22 September 2010 Dear Expert,
MY assessee is a Pvt Ltd Company registered under Companies Act,1956, assessee has constructed one commercial complex, and let outs shop and offices constructed in the said complex to the tenants. As the main business of the company is letting out of shops and offices for purely commercial purpose for conducting business and profession, so my question is in which head, company should show the income from above activity? Pls guide
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
22 September 2010 The company is the owner of the property for the purpose of section 22 of the Income tax Act,1961 and even if the object of the assessee company is to derive income from letting out , the income so derived should be assessed under the head "Income from house property".
Citation:- (2003) 262 ITR 517 (Kar).
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