https://www.taxtmi.com/caselaws?id=335399 The Tribunal ruled in favor of the assessee, a partnership firm, determining that the rental income from a commercial property should be classified as 'income from house property' rather than 'business income'. The Tribunal emphasized that the property was consistently shown as 'investment' in the balance sheets, indicating a different purpose from pure business activities. The decision overturned the earlier classification by the Assessing Officer and the Commissioner of Income Tax (Appeals), ultimately allowing the appeal of the assessee. en-us Fri, 23 Sep 2016 00:00:00 +0530 Thu, 01 Dec 2016 13:32:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335399 The Tribunal ruled in favor of the assessee, a partnership firm, determining that the rental income from a commercial property should be classified as 'income from house property' rather than 'business income'. The Tribunal emphasized that the property was consistently shown as 'investment' in the balance sheets, indicating a different purpose from pure business activities. The decision overturned the earlier classification by the Assessing Officer and the Commissioner of Income Tax (Appeals), ultimately allowing the appeal of the assessee. Case-Laws Income Tax Fri, 23 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335399