https://www.taxtmi.com/caselaws?id=188830 The Tribunal ruled in favor of the assessee on multiple issues. It classified lease rental income as 'business income' due to the nature of the assessee's warehousing activities. The reassessment proceedings under Section 147 were deemed invalid as there was no tangible material to justify reopening. Additionally, the disallowance of service charges was limited to 50%, based on the fair market value of services. As a result, the Tribunal partly allowed the assessee's appeals, providing relief in each aspect. en-us Fri, 30 Sep 2016 00:00:00 +0530 Sat, 17 Dec 2016 12:53:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188830 The Tribunal ruled in favor of the assessee on multiple issues. It classified lease rental income as 'business income' due to the nature of the assessee's warehousing activities. The reassessment proceedings under Section 147 were deemed invalid as there was no tangible material to justify reopening. Additionally, the disallowance of service charges was limited to 50%, based on the fair market value of services. As a result, the Tribunal partly allowed the assessee's appeals, providing relief in each aspect. Case-Laws Income Tax Fri, 30 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188830