Working capital adjustment, comparable selection and trade receivables interest were revisited in transfer pricing, with key additions deleted and rem...
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The ITAT Delhi ruled on the correct classification of income from property lease - whether as rental income, business income, or other sources. The lease agreement included not only the building but also substantial infrastructure and amenities, indicating a commercial asset lease. The user accepted possession of the entire building with services provided, showing a business intent. Tax authorities erred in reclassifying income as rental, leading to disallowed expenses and depreciation. The appeals were allowed, emphasizing the commercial nature of the arrangement.
The ITAT Delhi ruled on the correct classification of income from property lease - whether as rental income, business income, or other sources. The lease agreement included not only the building but also substantial infrastructure and amenities, indicating a commercial asset lease. The user accepted possession of the entire building with services provided, showing a business intent. Tax authorities erred in reclassifying income as rental, leading to disallowed expenses and depreciation. The appeals were allowed, emphasizing the commercial nature of the arrangement.
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