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of <h1>Income Classified as House Property, Not Business, by ITAT Chennai; Appeal Dismissed Consistent with Prior Rulings.</h1> <h3>M/s Rayala Corporation (P) Ltd. Versus The Assistant Commissioner of Income Tax, Company Circle V (3), Chennai.</h3> The ITAT Chennai upheld the classification of the assessee's income as 'income from house property' rather than 'income from business.' The appeal was ... - The Appellate Tribunal ITAT Chennai confirmed the treatment of the assessee's income as 'income from house property' instead of 'income from business'. The appeal was dismissed based on earlier Tribunal orders. The decision was pronounced on May 16, 2012, in Chennai. [Case: 2012 (5) TMI 874 - ITAT CHENNAI]
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