1988 (11) TMI 147 - AT - Income Tax

Summary

The Appellate Tribunal ITAT Jaipur allowed the assessee's appeals against the order of the CIT(A) regarding the classification of income derived from property as assessable under the head income from property. The Tribunal held that the rental income should be assessed under the head income from business based on the company's Memorandum of Association, allowing deductions claimed for carrying on business.