https://www.taxtmi.com/caselaws?id=271714 The Tribunal classified rental income and service charges as 'Business Income', allowing depreciation on the business center/commercial complex. Property tax, interest, maintenance charges, and miscellaneous income were treated as business income. The cost of property sold was computed based on the actual constructed area. Disallowance under section 14A was restricted to 5% of tax-exempt income. Notional rent was not assessed post-cessation of ownership. Income from property sale was adjusted against the block of assets. Section 50C was deemed inapplicable, interest on borrowed capital was allowed, and depreciation losses could be carried forward. The Tribunal dismissed Revenue's appeals, upheld assessee's objections, and directed reassessment in line with its rulings. en-us Fri, 08 Jan 2016 00:00:00 +0530 Mon, 15 Feb 2016 00:44:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271714 The Tribunal classified rental income and service charges as 'Business Income', allowing depreciation on the business center/commercial complex. Property tax, interest, maintenance charges, and miscellaneous income were treated as business income. The cost of property sold was computed based on the actual constructed area. Disallowance under section 14A was restricted to 5% of tax-exempt income. Notional rent was not assessed post-cessation of ownership. Income from property sale was adjusted against the block of assets. Section 50C was deemed inapplicable, interest on borrowed capital was allowed, and depreciation losses could be carried forward. The Tribunal dismissed Revenue's appeals, upheld assessee's objections, and directed reassessment in line with its rulings. Case-Laws Income Tax Fri, 08 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271714