https://www.taxtmi.com/caselaws?id=219363 The Tribunal partly allowed the appeal, upholding the assessment of rental income under "house property" but treating the portion let out to the director as business income. The annual value of the property was determined based on fair market rental value. Municipal tax was held deductible in addition to the 30% standard deduction. Administrative expenses were allowed at 65% proportionate to the business income portion. Interest income from ICDs and bill discounting was upheld as income from other sources due to lack of evidence of organized financing business activity. en-us Wed, 21 Nov 2012 00:00:00 +0530 Wed, 12 Dec 2012 06:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219363 The Tribunal partly allowed the appeal, upholding the assessment of rental income under "house property" but treating the portion let out to the director as business income. The annual value of the property was determined based on fair market rental value. Municipal tax was held deductible in addition to the 30% standard deduction. Administrative expenses were allowed at 65% proportionate to the business income portion. Interest income from ICDs and bill discounting was upheld as income from other sources due to lack of evidence of organized financing business activity. Case-Laws Income Tax Wed, 21 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219363