https://www.taxtmi.com/caselaws?id=256122 The High Court affirmed the ITAT's decision to classify lease rent income as business income, granting the assessee deductions under Section 32AB of the Wealth Tax Act. The court upheld the Tribunal's reliance on legal precedents and Circular No.461, supporting the consistent treatment of lease rent from commercial assets as business income. The appeal by the revenue was dismissed, with the court ruling in favor of the assessee on both legal issues. en-us Tue, 02 Dec 2014 00:00:00 +0530 Wed, 29 Jul 2015 12:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256122 The High Court affirmed the ITAT's decision to classify lease rent income as business income, granting the assessee deductions under Section 32AB of the Wealth Tax Act. The court upheld the Tribunal's reliance on legal precedents and Circular No.461, supporting the consistent treatment of lease rent from commercial assets as business income. The appeal by the revenue was dismissed, with the court ruling in favor of the assessee on both legal issues. Case-Laws Wealth-tax Tue, 02 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256122