https://www.taxtmi.com/caselaws?id=247895 The High Court ruled in favor of the assessee and against the Revenue in a tax assessment case. The court affirmed the Income Tax Appellate Tribunal's decision to classify the rental income as 'business income' rather than 'income from house property' based on the temporary nature of the letting out of properties for commercial purposes. Additionally, the court upheld the allowance of interest on borrowed capital as a revenue expenditure, as the funds were utilized for business purposes and not diverted for non-business uses, in line with relevant case law principles. en-us Fri, 23 May 2014 00:00:00 +0530 Mon, 26 May 2014 10:55:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247895 The High Court ruled in favor of the assessee and against the Revenue in a tax assessment case. The court affirmed the Income Tax Appellate Tribunal's decision to classify the rental income as 'business income' rather than 'income from house property' based on the temporary nature of the letting out of properties for commercial purposes. Additionally, the court upheld the allowance of interest on borrowed capital as a revenue expenditure, as the funds were utilized for business purposes and not diverted for non-business uses, in line with relevant case law principles. Case-Laws Income Tax Fri, 23 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247895