https://www.taxtmi.com/caselaws?id=210961 The High Court ruled in favor of the assessee in the Income Tax Appeals, determining that the income from leasing property should be classified as 'Income from business' rather than 'Income from house property'. The Court found that the assessee's decision to lease the property to Citibank was a strategic business move to exploit assets for profit, supported by the company's Memorandum of Association and the nature of agreements with Citibank. Applying principles from legal precedents, the Court concluded that the income derived from the property constituted business income, overturning the Tribunal's decision and directing a reassessment in line with the judgment. en-us Fri, 12 Aug 2011 00:00:00 +0530 Tue, 28 Feb 2012 10:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210961 The High Court ruled in favor of the assessee in the Income Tax Appeals, determining that the income from leasing property should be classified as 'Income from business' rather than 'Income from house property'. The Court found that the assessee's decision to lease the property to Citibank was a strategic business move to exploit assets for profit, supported by the company's Memorandum of Association and the nature of agreements with Citibank. Applying principles from legal precedents, the Court concluded that the income derived from the property constituted business income, overturning the Tribunal's decision and directing a reassessment in line with the judgment. Case-Laws Income Tax Fri, 12 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210961