https://www.taxtmi.com/caselaws?id=176848 The ITAT upheld the CIT (A)'s decision to classify the income from letting out the studio as 'Profits and Gains of Business or Profession'. The ITAT found that the AO's reliance on the Sultan Brothers case was misplaced and that the Shambhu Investments case provided the correct legal framework for the issue at hand. The appeal was dismissed, affirming the CIT (A)'s conclusion that the income should be treated as business income due to the commercial exploitation of the property. en-us Thu, 30 Jun 2011 00:00:00 +0530 Fri, 21 Apr 2023 18:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176848 The ITAT upheld the CIT (A)'s decision to classify the income from letting out the studio as 'Profits and Gains of Business or Profession'. The ITAT found that the AO's reliance on the Sultan Brothers case was misplaced and that the Shambhu Investments case provided the correct legal framework for the issue at hand. The appeal was dismissed, affirming the CIT (A)'s conclusion that the income should be treated as business income due to the commercial exploitation of the property. Case-Laws Income Tax Thu, 30 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176848