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2016 (7) TMI 1447 - AT - Income TaxTreatment to rental income - nature of income - business income OR income from house property - Held that:- Tribunal in the case of assessee itself [2011 (6) TMI 923 - ITAT MUMBAI] decided the issue in hand to treat the ‘rental income’ as ‘business income’. Before us the learned representatives from both sides fairly agreed that the impugned issue is covered in favour of the assessee. The Tribunal in the aforesaid orders has consistently held that income of the assessee should be assessed under the head ‘income from business’ and it should be allowed expenses, incurred by the assessee, in carrying out its business. Even the depreciation claimed by the assessee has been allowed by the Tribunal. Thus we find no infirmity in the conclusion of the learned CIT(A) to treat the rental income as business income instead of income from house property. - Decided against revenue
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