https://www.taxtmi.com/caselaws?id=342084 The appeal addressed the classification of income from amenities as income from property or business, specifically focusing on the treatment of hire charges and claim of depreciation. The AO consistently categorized hire charges as income from property, disallowing depreciation, in line with previous ITAT decisions. The CIT(A) upheld this stance, with the matter pending before the High Court. The ITAT acknowledged the pending adjudication and directed the AO to follow the High Court's decision once issued. Consequently, the appeal was dismissed, awaiting resolution by the High Court. The case emphasizes the significance of legal consistency and adherence to precedents in tax assessments. en-us Mon, 03 Apr 2017 00:00:00 +0530 Wed, 26 Apr 2017 07:09:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342084 The appeal addressed the classification of income from amenities as income from property or business, specifically focusing on the treatment of hire charges and claim of depreciation. The AO consistently categorized hire charges as income from property, disallowing depreciation, in line with previous ITAT decisions. The CIT(A) upheld this stance, with the matter pending before the High Court. The ITAT acknowledged the pending adjudication and directed the AO to follow the High Court's decision once issued. Consequently, the appeal was dismissed, awaiting resolution by the High Court. The case emphasizes the significance of legal consistency and adherence to precedents in tax assessments. Case-Laws Income Tax Mon, 03 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342084