Revision u/s 263 - Correct head of income - rental income from ...

Dispute Over Rental Income Classification u/s 263: Business Income Status Accepted Consistently by Tax Authorities.

November 17, 2020

Case Laws     Income Tax     AT

Revision u/s 263 - Correct head of income - rental income from letting out of the shop - The assessee was not finding the buyer to sell the property which were kept as stock in trade, so it cannot be said that the assessee closed the business - it can be said that by considering the rental income received by the assessee as “business income” which was consistently claimed by the assessee in the preceding years also and the department had accepted the same, the assessment order passed by the A.O. was not prejudicial to the interest of the revenue - AT

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