https://www.taxtmi.com/caselaws?id=212905 The ITAT ruled in favor of the assessee, determining that income generated from a market complex constructed for commercial purposes should be classified as business income rather than income from house property. The decision was based on the commercial nature of the property exploitation, the partnership formed for business purposes, and consistent reporting of income as business since the property's inception. The ITAT directed the Assessing Officer to accept the return filed by the assessee as income from business, overturning the classification of income from house property made by the lower authorities. en-us Fri, 13 Apr 2012 00:00:00 +0530 Mon, 30 Apr 2012 08:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212905 The ITAT ruled in favor of the assessee, determining that income generated from a market complex constructed for commercial purposes should be classified as business income rather than income from house property. The decision was based on the commercial nature of the property exploitation, the partnership formed for business purposes, and consistent reporting of income as business since the property's inception. The ITAT directed the Assessing Officer to accept the return filed by the assessee as income from business, overturning the classification of income from house property made by the lower authorities. Case-Laws Income Tax Fri, 13 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212905