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        Case ID :
        Income Tax

        Rectification u/s 154 - Deduction claimed u/s. 80IAB - Wrong...

        Misclassification of Lease Rental Income Requires Rectification u/s 154 to Correct Deduction Claims and Align Income Heads.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Rectification u/s 154 - Deduction claimed u/s. 80IAB - Wrong classification of income under the head ‘income from house property’, has resulted in wrong claim of deduction under S. 23/24 while computing income under the head ‘house property’ and requires correction. Similarly, the normal business expenses incurred were also not claimed from lease rentals in view of restrictions placed under the head ‘income from house property’. The correct computation of business income on realignment of head of income would thus be required to correctly determine the quantum of income eligible for deduction under S. 80IAB - AT
                                Note: It is a system-generated summary and is for quick reference only.
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