Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
ITAT dismissed the revenue's appeal regarding classification of rental income under correct head of income. The assessee had treated rental income as business income rather than house property income while filing returns. The Coordinate Bench in assessee's own case for A.Y. 2011-12 previously held that assessee's rental income was assessable as "Income from Business." The Departmental Representative conceded that facts and circumstances for the current year were identical to A.Y. 2011-12, which was decided in assessee's favor. ITAT found no infirmity in CIT(A)'s order allowing the assessee to classify rental income as business income instead of house property income, upholding the lower authority's decision against the revenue.
ITAT dismissed the revenue's appeal regarding classification of rental income under correct head of income. The assessee had treated rental income as business income rather than house property income while filing returns. The Coordinate Bench in assessee's own case for A.Y. 2011-12 previously held that assessee's rental income was assessable as "Income from Business." The Departmental Representative conceded that facts and circumstances for the current year were identical to A.Y. 2011-12, which was decided in assessee's favor. ITAT found no infirmity in CIT(A)'s order allowing the assessee to classify rental income as business income instead of house property income, upholding the lower authority's decision against the revenue.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4921 
