https://www.taxtmi.com/caselaws?id=361779 The ITAT ruled in favor of the appellant, setting aside the lower authorities' decision to treat rental income as 'Income from House Property' and instead categorized it as 'Business Income' based on the Rayala Corporation (P) Ltd. vs. ACIT precedent. The ITAT remitted several issues, including expense disallowance and cash credit treatments, back to the A.O. for reconsideration in light of the revised income classification and additional evidence provided by the appellant. The ITAT stressed the importance of affording the appellant a fair opportunity to present its case. en-us Mon, 11 Jun 2018 00:00:00 +0530 Wed, 13 Jun 2018 16:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361779 The ITAT ruled in favor of the appellant, setting aside the lower authorities' decision to treat rental income as 'Income from House Property' and instead categorized it as 'Business Income' based on the Rayala Corporation (P) Ltd. vs. ACIT precedent. The ITAT remitted several issues, including expense disallowance and cash credit treatments, back to the A.O. for reconsideration in light of the revised income classification and additional evidence provided by the appellant. The ITAT stressed the importance of affording the appellant a fair opportunity to present its case. Case-Laws Income Tax Mon, 11 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361779