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2019 (3) TMI 1004 - HC - Income TaxReceipts from rent, derived from surplus space being let-out - Classification of income - “Business Income”OR “Income from House Property” - HELD THAT:- From the perusal of the record, it also reveals that the assessee has claimed depreciation on the building, which was let out and on the other hand, wants to claim deduction under section 24 of the Income Tax Act as house property. From the perusal of the record of the case in hand, it is crystal clear that the assessee, in its Memorandum of Association, had an object to earn income from renting out its property. The assessee has filed its returns showing income earned only from renting out of the property and there is no other income of the assessee in the disputed year. The assessee, in the disputed year, has also claimed deduction on the same property, rented out, which is not permissible under the Act. The authorities below were justified in rejecting the second claim made by the appellant – assessee under section 24 of the Income Tax Act, as only one deduction is permissible under the Income Tax Act. - Decided against the Assessee.
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