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2018 (1) TMI 87 - AT - Income TaxRental receipt from subletting of premises - whether business income or income from other sources? - Held that: - the issue is squarely covered by Tribunal’s order in assessee’s own case for AY 2009-10 [2014 (6) TMI 803 - ITAT MUMBAI], where it was held that the fact that the assessee running the business centre by exploiting the property is not merely an activity of letting out the property and the fact that the assessee has been showing the rent received from letting out the business centre under the head business income continuously since 1984, we are of the considered view that the authorities below are not justified in treating the impugned receipts under the head income from other sources. Treatment of consequential expenses - allowability - Held that: - the income received from the business centre has to be treated as business income in pursuance of the adjudication and the fact that the expenditures have nexus with the business income, the expenditures claimed by the assessee have also to be allowed as business expenditure. Appeal dismissed - decided against Revenue.
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