https://www.taxtmi.com/caselaws?id=331938 The Income Tax Appellate Tribunal (ITAT) upheld the classification of rental income from unsold flats as "Income from House Property" rather than "Business Income," allowing deductions under Section 24 of the Income Tax Act. The decision aligned with a precedent set by the Hon'ble Delhi High Court in the same case, emphasizing that income nature should be based on its source, not the assessee's business activities. Consistency in judicial decisions from previous assessment years further supported this classification, leading to the dismissal of Revenue's appeals and affirming the CIT(A)'s order. en-us Fri, 29 Jul 2016 00:00:00 +0530 Tue, 06 Sep 2016 13:22:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331938 The Income Tax Appellate Tribunal (ITAT) upheld the classification of rental income from unsold flats as "Income from House Property" rather than "Business Income," allowing deductions under Section 24 of the Income Tax Act. The decision aligned with a precedent set by the Hon'ble Delhi High Court in the same case, emphasizing that income nature should be based on its source, not the assessee's business activities. Consistency in judicial decisions from previous assessment years further supported this classification, leading to the dismissal of Revenue's appeals and affirming the CIT(A)'s order. Case-Laws Income Tax Fri, 29 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331938