https://www.taxtmi.com/caselaws?id=327391 HC held that rental receipts for the let-out building constituted income from house property, but charges for facilities (electrical installations, elevators, DG sets and other services) were business income, entitling assessee to depreciation as allowed by the Tribunal. Interest on borrowed capital was held to be an allowable business expenditure since business had commenced in FY 2003-04, and such interest could not be added to work in progress; disallowance of interest was also rejected on factual findings. Construction management fee received from a third party was treated as business income, with 25% of gross fee reasonably allowed as expenditure. Assessments under sections 153C and 158BD were quashed for absence of incriminating material and non-recording of satisfaction. All issues were decided in favour of assessee. en-us Thu, 28 Apr 2016 00:00:00 +0530 Thu, 27 Nov 2025 15:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327391 HC held that rental receipts for the let-out building constituted income from house property, but charges for facilities (electrical installations, elevators, DG sets and other services) were business income, entitling assessee to depreciation as allowed by the Tribunal. Interest on borrowed capital was held to be an allowable business expenditure since business had commenced in FY 2003-04, and such interest could not be added to work in progress; disallowance of interest was also rejected on factual findings. Construction management fee received from a third party was treated as business income, with 25% of gross fee reasonably allowed as expenditure. Assessments under sections 153C and 158BD were quashed for absence of incriminating material and non-recording of satisfaction. All issues were decided in favour of assessee. Case-Laws Income Tax Thu, 28 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327391