https://www.taxtmi.com/caselaws?id=260469 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the assessee in the case. The ITAT determined that the rental income from letting out commercial space in a plaza should be taxed under 'income from house property' rather than 'profits and gains of business and profession'. The ITAT emphasized that the primary intention of letting out the property for office and commercial establishments without complex services classified it as rental income. Additionally, the ITAT upheld the deletion of the disallowance of brand building expenses, noting that expenses should be recognized when the liability crystallizes, regardless of future benefits. en-us Tue, 31 Mar 2015 00:00:00 +0530 Fri, 12 Jun 2015 14:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260469 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the assessee in the case. The ITAT determined that the rental income from letting out commercial space in a plaza should be taxed under 'income from house property' rather than 'profits and gains of business and profession'. The ITAT emphasized that the primary intention of letting out the property for office and commercial establishments without complex services classified it as rental income. Additionally, the ITAT upheld the deletion of the disallowance of brand building expenses, noting that expenses should be recognized when the liability crystallizes, regardless of future benefits. Case-Laws Income Tax Tue, 31 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260469