https://www.taxtmi.com/caselaws?id=12661 The High Court of Madras ruled in favor of the Revenue in a case concerning the classification of income from properties owned by the assessee for the assessment year 1985-86. The court held that the Tribunal erred in treating the rental income as business income as none of the properties were used for business purposes. Emphasizing the distinction between business income and income from house property, the court awarded costs to the Revenue, highlighting the importance of accurately computing income under specific heads for taxation purposes. en-us Tue, 25 Sep 2001 00:00:00 +0530 Wed, 20 May 2009 18:18:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12661 The High Court of Madras ruled in favor of the Revenue in a case concerning the classification of income from properties owned by the assessee for the assessment year 1985-86. The court held that the Tribunal erred in treating the rental income as business income as none of the properties were used for business purposes. Emphasizing the distinction between business income and income from house property, the court awarded costs to the Revenue, highlighting the importance of accurately computing income under specific heads for taxation purposes. Case-Laws Income Tax Tue, 25 Sep 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12661