Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
Insolvency moratorium does not shield company officers from cheque dishonour prosecution for liability arising before corporate insolvency proceedings...
Advance-ruling mechanism governs pending GST classification, exemption and taxability disputes, limiting writ review once the specialised forum functi...
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Revision u/s 263 - Classification of rental income - House property v/s business income - The Appellate Tribunal observed that the Assessee is primarily engaged in providing BPO and IT-related services, and the property in Thane was disclosed as "non-current investment" in the financial statements. The rental income was reflected as "non-operational income" in the financial statements, indicating it was not business income. Various judicial precedents were cited to distinguish between business income and income from house property. The Tribunal found no infirmity in the assessment order and upheld the Assessee's claim that the rental income qualifies as "income from house property." - Consequently, the order passed under Section 263 of the Income Tax Act was set aside.
Revision u/s 263 - Classification of rental income - House property v/s business income - The Appellate Tribunal observed that the Assessee is primarily engaged in providing BPO and IT-related services, and the property in Thane was disclosed as "non-current investment" in the financial statements. The rental income was reflected as "non-operational income" in the financial statements, indicating it was not business income. Various judicial precedents were cited to distinguish between business income and income from house property. The Tribunal found no infirmity in the assessment order and upheld the Assessee's claim that the rental income qualifies as "income from house property." - Consequently, the order passed under Section 263 of the Income Tax Act was set aside.
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