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2013 (10) TMI 160 - KARNATAKA HIGH COURTReassessment u/s 147 - Classification of head of Income – Income to be assessed under the head of ‘Income from House property’ or ‘Income from the business’ – Held that:- Keeping in mind the settled legal position that the income is received by the partnership firm and this is the only income of the partnership firm and the said income is coming from letting out of the commercial complex, the assessing authority held the income is to be assessed under the heading 'income from house property' which was erroneously assessed as 'income from business' - The said order has been confirmed by both the Appellate Authorities after dwelling into the statutory provisions as well as law on the point – No merit in appeal – reassessment confirmed - Decided against the Assessee.
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