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of <h1>Dispute over property income classification for tax purposes; Tribunal upholds decision based on precedent.</h1> <h3>JMD Buildcon Pvt. Ltd., Versus Deputy Commissioner of Income Tax, Cen. Circle 18, New Delhi.</h3> JMD Buildcon Pvt. Ltd., Versus Deputy Commissioner of Income Tax, Cen. Circle 18, New Delhi. - TMI Issues:Interpretation of income from property for taxation purposes.Analysis:The appeal involved a dispute regarding the classification of property income, including license fees and parking rent, under the head 'income from house property' or 'income from other sources.' The Assessing Officer considered the income derived from antenna/towers, kiosks, and parking space as business income, leading to the disallowance of a claimed deduction under section 24 of the Income Tax Act. The CIT(A) upheld this decision, classifying the income as 'income from other sources' based on a precedent from the Calcutta High Court. The appellant contended that the income should be treated as 'income from house property' as it was directly related to the property itself. However, the Tribunal agreed with the CIT(A) and dismissed the appeal, citing the specific legal interpretation provided by the Calcutta High Court regarding income derived from property-related activities beyond mere letting out of the property.In summary, the key issue revolved around the proper classification of income derived from property-related activities for taxation purposes. The Assessing Officer and CIT(A) deemed the income in question as business income and income from other sources, respectively, while the appellant argued for its treatment as income from house property. The Tribunal ultimately sided with the CIT(A) based on a specific legal precedent, leading to the dismissal of the appeal.
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