https://www.taxtmi.com/caselaws?id=241167 The court ruled in favor of the revenue regarding the allowability of expenses and depreciation on a guest house under Section 37(4) of the Income Tax Act. However, the court decided in favor of the respondent-assessee on the issue of claiming deductions under sections 80-HH and 80-I independently on gross total income. The treatment of interest income as business income was also decided in favor of the assessee. The treatment of various capital expenses as revenue expenses was not specifically addressed. The Income Tax Appeal was disposed of with directions for the department to proceed accordingly based on the decisions made on the various issues raised in the case. en-us Wed, 04 Sep 2013 00:00:00 +0530 Fri, 31 Jan 2014 11:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241167 The court ruled in favor of the revenue regarding the allowability of expenses and depreciation on a guest house under Section 37(4) of the Income Tax Act. However, the court decided in favor of the respondent-assessee on the issue of claiming deductions under sections 80-HH and 80-I independently on gross total income. The treatment of interest income as business income was also decided in favor of the assessee. The treatment of various capital expenses as revenue expenses was not specifically addressed. The Income Tax Appeal was disposed of with directions for the department to proceed accordingly based on the decisions made on the various issues raised in the case. Case-Laws Income Tax Wed, 04 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241167