Ratification of resignation acceptance validates separation retrospectively, while withdrawal may be refused through reasoned administrative discretio...
Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
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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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