Introducing the “In Favour Of” filter in Case Laws.
- ⚖️ Instantly identify judgments decided in favour of the Assessee, Revenue, or Appellant
- 🔍 Narrow down results with higher precision
Try it now in Case Laws →
TaxTMI Login
🚀 New Feature Launched ✕
Just a moment...
Introducing the “In Favour Of” filter in Case Laws.
Try it now in Case Laws →
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Highlights
of of All Highlights
Note
Bookmark
Share
Don't have an account? Register Here
of The ITAT held that the lease/rental income of the assessee company constitutes business income, as leasing the property is a principal object and the sole source of income, contrary to the assessee's return characterizing it as income from house property. The Tribunal rejected the argument based on the rule of consistency, emphasizing that a claim inconsistent with admitted facts and settled law cannot be perpetuated merely due to non-disturbance by the AO. Consequently, the CIT(A)'s order was set aside, and the AO's order restored. Regarding the disallowance of expenses related to the lease income, the matter was remanded to the CIT(A) for adjudication on merits, since the CIT(A) had not addressed this issue after altering the income classification.
TaxTMI 
TaxTMI 
