https://www.taxtmi.com/caselaws?id=362351 The Tribunal concluded that the rental income should be assessed under "Income from House Property" rather than "Business and Profession." The Annual Letting Value (ALV) of the property was to be computed based on principles established by the Jurisdictional High Court. The assessee was allowed minimum business expenditure to maintain the company's status. The Tribunal deemed the reopening of the assessment as valid, based on sufficient reasons to believe the income was not correctly assessed. The appeal was partially allowed, with specific directions for ALV computation and business expenditure allowance. en-us Wed, 20 Jun 2018 00:00:00 +0530 Fri, 22 Jun 2018 22:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362351 The Tribunal concluded that the rental income should be assessed under "Income from House Property" rather than "Business and Profession." The Annual Letting Value (ALV) of the property was to be computed based on principles established by the Jurisdictional High Court. The assessee was allowed minimum business expenditure to maintain the company's status. The Tribunal deemed the reopening of the assessment as valid, based on sufficient reasons to believe the income was not correctly assessed. The appeal was partially allowed, with specific directions for ALV computation and business expenditure allowance. Case-Laws Income Tax Wed, 20 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362351