https://www.taxtmi.com/caselaws?id=185807 The Tribunal upheld the CIT(A)'s decision to treat the rental income as business income, citing the property's commercial nature and alignment with the firm's main objective. The Tribunal also directed the deletion of additions made under Section 69 for unaccounted investment, noting the lack of concrete evidence and accepting the submission of ledger accounts showing subsequent labour expenses. The judgments highlighted the significance of asset nature and use intention in determining the assessment of rental income, ultimately dismissing the Revenue's appeal and favoring the assessee in subsequent assessment years. en-us Wed, 09 Mar 2016 00:00:00 +0530 Mon, 29 Aug 2016 13:28:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185807 The Tribunal upheld the CIT(A)'s decision to treat the rental income as business income, citing the property's commercial nature and alignment with the firm's main objective. The Tribunal also directed the deletion of additions made under Section 69 for unaccounted investment, noting the lack of concrete evidence and accepting the submission of ledger accounts showing subsequent labour expenses. The judgments highlighted the significance of asset nature and use intention in determining the assessment of rental income, ultimately dismissing the Revenue's appeal and favoring the assessee in subsequent assessment years. Case-Laws Income Tax Wed, 09 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185807