https://www.taxtmi.com/caselaws?id=337026 The ITAT ruled in favor of the assessee, determining that the income derived from lease rentals should be classified as business income rather than income from house property. The ITAT allowed depreciation and other business expenses, citing the main objective of the assessee to lease out the property for rental income. The rescindment of approval for deduction under section 80IA did not change the nature of the activities, leading to the classification of income as business income. The appeals by the assessee were allowed, while those by the revenue were dismissed. en-us Fri, 30 Dec 2016 00:00:00 +0530 Mon, 02 Jan 2017 10:26:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337026 The ITAT ruled in favor of the assessee, determining that the income derived from lease rentals should be classified as business income rather than income from house property. The ITAT allowed depreciation and other business expenses, citing the main objective of the assessee to lease out the property for rental income. The rescindment of approval for deduction under section 80IA did not change the nature of the activities, leading to the classification of income as business income. The appeals by the assessee were allowed, while those by the revenue were dismissed. Case-Laws Income Tax Fri, 30 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337026