https://www.taxtmi.com/caselaws?id=366610 The court upheld the Assessing Officer's classification of rental income as "business income" based on the company's Memorandum of Association, which indicated renting properties as a primary business activity. The court found the assessment orders were not erroneous or prejudicial to Revenue, rejecting the Commissioner of Income Tax's revision under Section 263. The court emphasized that a permissible view taken by the Assessing Officer cannot be considered erroneous solely due to disagreement by the CIT. The original assessment orders were restored, affirming the treatment of rental income as business income in alignment with the company's business objectives. en-us Tue, 04 Sep 2018 00:00:00 +0530 Thu, 15 Nov 2018 11:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366610 The court upheld the Assessing Officer's classification of rental income as "business income" based on the company's Memorandum of Association, which indicated renting properties as a primary business activity. The court found the assessment orders were not erroneous or prejudicial to Revenue, rejecting the Commissioner of Income Tax's revision under Section 263. The court emphasized that a permissible view taken by the Assessing Officer cannot be considered erroneous solely due to disagreement by the CIT. The original assessment orders were restored, affirming the treatment of rental income as business income in alignment with the company's business objectives. Case-Laws Income Tax Tue, 04 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366610