https://www.taxtmi.com/caselaws?id=325832 The Tribunal held that the rental income received by the assessee firm should be classified as "Income from business" rather than "Income from house property." The firm's primary objective was deemed to be conducting business activities, including acquiring land, constructing commercial buildings, and leasing them out. Relying on the Supreme Court's decision in M/s. Chennai Properties and Investments Ltd., the Tribunal concluded that income from letting out properties as the main business objective should be treated as "Income from business." As a result, the revenue's appeals for the assessment years 2008-09 and 2009-10 were dismissed. en-us Fri, 19 Feb 2016 00:00:00 +0530 Wed, 30 Mar 2016 13:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325832 The Tribunal held that the rental income received by the assessee firm should be classified as "Income from business" rather than "Income from house property." The firm's primary objective was deemed to be conducting business activities, including acquiring land, constructing commercial buildings, and leasing them out. Relying on the Supreme Court's decision in M/s. Chennai Properties and Investments Ltd., the Tribunal concluded that income from letting out properties as the main business objective should be treated as "Income from business." As a result, the revenue's appeals for the assessment years 2008-09 and 2009-10 were dismissed. Case-Laws Income Tax Fri, 19 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325832