https://www.taxtmi.com/caselaws?id=1904 The case involved a dispute over the assessment of a private limited company's rental income from flats and office accommodations. The Assessing Officer initially taxed the income under 'Income from property,' disallowing depreciation claims. However, the Income-tax Appellate Tribunal ruled in favor of assessing the income under 'Income from business,' citing the company's memorandum of association. The Supreme Court emphasized the need to compute income according to the Income-tax Act's provisions and concluded that unless the rental income was proven to be derived from a property used for business purposes, it should be categorized as 'Income from house property.' The court directed each party to bear their own costs. en-us Wed, 09 May 2007 00:00:00 +0530 Sun, 08 May 2011 14:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=1904 The case involved a dispute over the assessment of a private limited company's rental income from flats and office accommodations. The Assessing Officer initially taxed the income under 'Income from property,' disallowing depreciation claims. However, the Income-tax Appellate Tribunal ruled in favor of assessing the income under 'Income from business,' citing the company's memorandum of association. The Supreme Court emphasized the need to compute income according to the Income-tax Act's provisions and concluded that unless the rental income was proven to be derived from a property used for business purposes, it should be categorized as 'Income from house property.' The court directed each party to bear their own costs. Case-Laws Income Tax Wed, 09 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=1904