https://www.taxtmi.com/caselaws?id=243315 The Tribunal upheld the classification of rental income as income from house property, denying depreciation allowance. The issue of double booking of advisory fees was sent back to the AO for verification. Deduction of municipal taxes was to be reconsidered for the relevant assessment year. Disallowance under Section 14A was restricted to 1% of administrative expenses. The deletion of disallowed interest expenditure was upheld. The allowance of write-off of bad debts was confirmed as a business loss. The reduction of total income by principal recovery portion of lease rentals was to be reexamined. The appeal outcome was a partial allowance for both parties, with specific issues to be reviewed. en-us Wed, 15 Jan 2014 00:00:00 +0530 Sat, 19 Mar 2016 14:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243315 The Tribunal upheld the classification of rental income as income from house property, denying depreciation allowance. The issue of double booking of advisory fees was sent back to the AO for verification. Deduction of municipal taxes was to be reconsidered for the relevant assessment year. Disallowance under Section 14A was restricted to 1% of administrative expenses. The deletion of disallowed interest expenditure was upheld. The allowance of write-off of bad debts was confirmed as a business loss. The reduction of total income by principal recovery portion of lease rentals was to be reexamined. The appeal outcome was a partial allowance for both parties, with specific issues to be reviewed. Case-Laws Income Tax Wed, 15 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243315