https://www.taxtmi.com/caselaws?id=195853 The Tribunal allowed the appeal of the assessee, a Private Limited Co., holding that income derived from letting out properties should be classified as business income if it is the primary business activity. The Tribunal overturned the AO's classification of the income as 'income from house property,' emphasizing the assessee's main business of letting out properties. By considering relevant legal principles and precedents, the Tribunal clarified that income from letting out properties should be assessed as business income. The decision highlighted the importance of the assessee's primary business activity in determining the characterization of income. en-us Wed, 26 Jul 2017 00:00:00 +0530 Mon, 13 Nov 2017 09:53:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195853 The Tribunal allowed the appeal of the assessee, a Private Limited Co., holding that income derived from letting out properties should be classified as business income if it is the primary business activity. The Tribunal overturned the AO's classification of the income as 'income from house property,' emphasizing the assessee's main business of letting out properties. By considering relevant legal principles and precedents, the Tribunal clarified that income from letting out properties should be assessed as business income. The decision highlighted the importance of the assessee's primary business activity in determining the characterization of income. Case-Laws Income Tax Wed, 26 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195853