https://www.taxtmi.com/caselaws?id=378868 The High Court determined that income derived from letting out properties by a partnership firm engaged in real estate development should be characterized as business income rather than income from house property. This decision was based on the nature of the assessee's business activities and aligned with precedents set by the Gujarat High Court and the Supreme Court. Consequently, expenses related to the business activity were deemed allowable, leading to the dismissal of the Income Tax Appeal. The Court emphasized the importance of considering the nature of the business in determining the character of income from property letting activities. en-us Mon, 28 Jan 2019 00:00:00 +0530 Mon, 22 Apr 2019 10:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378868 The High Court determined that income derived from letting out properties by a partnership firm engaged in real estate development should be characterized as business income rather than income from house property. This decision was based on the nature of the assessee's business activities and aligned with precedents set by the Gujarat High Court and the Supreme Court. Consequently, expenses related to the business activity were deemed allowable, leading to the dismissal of the Income Tax Appeal. The Court emphasized the importance of considering the nature of the business in determining the character of income from property letting activities. Case-Laws Income Tax Mon, 28 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378868