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2019 (11) TMI 1078 - AT - Income TaxCorrect head of income - Income from House Property or Income from Business and Profession - consideration received by the assessee for commercial space given in the mall to various persons - characterization of income - HELD THAT:- Both the Revenue authorities gone to record a finding that there is no change in the facts and to maintain consistency with the earlier years, income of the assessee is to be treated as income from house property. Since identical issue was dealt with by the Tribunal in earlier years, in the assessee’s own cases, following the principle of consistency, we direct the AO to treat the impugned income earned by the assessee under “profit and gains from business or profession”. Restricting the deduction towards interest on borrowed funds and not allowing the same to be set off against the income from business - As held that income earned by the assessee is to be treated under the head “profits and gains from business or profession”, as a consequence thereof, this expenditure is also to be considered from that angle. Accordingly, this ground is allowed.
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