https://www.taxtmi.com/caselaws?id=361400 Consistent tax treatment was maintained for lease rental receipts arising from the assessee's leasing activity because the same character of income had been accepted in earlier years and the facts had not changed; the receipts were therefore treated as business income, with depreciation and related expenses allowed. The disallowance under section 14A read with Rule 8D and the adjustment under section 115JB required fresh examination because later binding decisions had to be applied and the book-profit computation needed verification by the Assessing Officer. Both matters were remitted for reconsideration after giving the assessee an opportunity to place supporting material. en-us Wed, 30 May 2018 00:00:00 +0530 Tue, 05 Jun 2018 18:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361400 Consistent tax treatment was maintained for lease rental receipts arising from the assessee's leasing activity because the same character of income had been accepted in earlier years and the facts had not changed; the receipts were therefore treated as business income, with depreciation and related expenses allowed. The disallowance under section 14A read with Rule 8D and the adjustment under section 115JB required fresh examination because later binding decisions had to be applied and the book-profit computation needed verification by the Assessing Officer. Both matters were remitted for reconsideration after giving the assessee an opportunity to place supporting material. Case-Laws Income Tax Wed, 30 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361400