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of <h1>Court Upholds Historical Treatment of Property Income as 'Income from House Property'</h1> <h3>Pr. Commissioner of Income Tax-6, New Delhi Versus Modi Industries Ltd.</h3> Pr. Commissioner of Income Tax-6, New Delhi Versus Modi Industries Ltd. - TMI Issues:1. Delay in filing applications for exemptions in ITA No. 504/2017.2. Appeal by Revenue against ITAT's order for AY 2007-08 in ITA No.733 and 788/Del/2013.3. Classification of income from properties as business income or income from house property.4. Discrepancy in AO's stand on income classification for the Assessee.5. ITAT's decision on income classification and remand for redetermination.6. Revenue's plea for remand and Court's stance on consistency in income treatment.Analysis:1. The Court allowed exemptions subject to all just exceptions in the delay application for ITA No. 504/2017.2. The Revenue appealed against ITAT's order for AY 2007-08 in ITA No.733 and 788/Del/2013.3. The key issue was whether income from properties rented by the Assessee should be classified as business income or income from house property.4. The Assessee had historically treated the income as 'income from house property,' but the AO changed the classification for the AY in question.5. The ITAT recognized the historical treatment of two properties as income from house property and remanded the third property for redetermination.6. The Court dismissed the Revenue's plea for remand, emphasizing the importance of consistency in income treatment unless significant changes occurred.In conclusion, the Court found no substantial question of law for consideration and dismissed the appeals, affirming the historical treatment of income from properties as 'income from house property' in most cases.
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