https://www.taxtmi.com/caselaws?id=69194 The tribunal allowed the appeal, condoning the delay in filing and admitting it. It held that the assessee could exclude portions of the property used for business purposes from the computation of annual value under Section 22 of the Income-tax Act, 1961. The tribunal determined that the business carried on by the firm was considered the business of the partners, including the assessee, supporting the claim for deduction. The decision aligned with legal precedents emphasizing that a partner's share in a firm's profits constitutes income from the partner's business activities. en-us Thu, 16 Sep 1976 00:00:00 +0530 Tue, 05 Apr 2011 16:50:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69194 The tribunal allowed the appeal, condoning the delay in filing and admitting it. It held that the assessee could exclude portions of the property used for business purposes from the computation of annual value under Section 22 of the Income-tax Act, 1961. The tribunal determined that the business carried on by the firm was considered the business of the partners, including the assessee, supporting the claim for deduction. The decision aligned with legal precedents emphasizing that a partner's share in a firm's profits constitutes income from the partner's business activities. Case-Laws Income Tax Thu, 16 Sep 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69194