Leased rental received - Income from house property - During the first year of lease he has agreed to...

Leased rental received - Income from house property - During the first year of lease he has agreed to receive the 60% profit of the business as annual rental income but subsequently the annual rent has been prescribed in clause 3 of the lease deed. Therefore, by any stretch of imagination it cannot be said that the assessee was doing business with the lasee on profit sharing basis. - AT .....

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