https://www.taxtmi.com/caselaws?id=258518 The Income Tax Appellate Tribunal (ITAT) directed the Assessing Officer (AO) to tax the rental income under 'income from house property' rather than 'business income'. The ITAT emphasized the primary objective of letting out the property without complex commercial activities. Additionally, the ITAT upheld the deletion of the disallowance of brand building expenses, noting that under the mercantile method of accounting, expenses are recognized when the liability crystallizes, regardless of future benefits. The appeal by the assessee was allowed, while the appeal by the AO was dismissed. en-us Tue, 31 Mar 2015 00:00:00 +0530 Sun, 12 Apr 2015 12:46:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258518 The Income Tax Appellate Tribunal (ITAT) directed the Assessing Officer (AO) to tax the rental income under 'income from house property' rather than 'business income'. The ITAT emphasized the primary objective of letting out the property without complex commercial activities. Additionally, the ITAT upheld the deletion of the disallowance of brand building expenses, noting that under the mercantile method of accounting, expenses are recognized when the liability crystallizes, regardless of future benefits. The appeal by the assessee was allowed, while the appeal by the AO was dismissed. Case-Laws Income Tax Tue, 31 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258518