Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (1) TMI 308 - AT - Income TaxTreating the rent received from letting/renting of shops/offices in the commercial complex as well as from letting/renting of space on roof and space on walls for advertisement - ‘Income from business’ OR ‘Income from house property’ - denying deduction claimed under section 24(a) of the Act being 30% of annual value - Held that:- In the present case undisputedly the properties are not rented out temporarily or for a short period and, therefore, in our considered view, there was no reason to hold that this is a business income and not income from house property. Accordingly, we hold that AO and ld. CIT (A) were not justified in holding that income of the building was income from business and not from house property. Accordingly, we allow the ground of the assessee and the AO is directed to allow deduction as per provisions of law applicable under the head Income from house property.
|