https://www.taxtmi.com/caselaws?id=398613 The High Court of Madras upheld the Income Tax Appellate Tribunal's decision to categorize rental income from software companies as Business Income for the Assessee. The Court emphasized the importance of considering the primary income source and allowed deductions accordingly. It criticized the Revenue for failing to establish the Assessee's main business activity and disregarding binding precedents. The Court dismissed the Revenue's appeal, stressing the need for consistency in following legal principles and precedents to ensure fair application of tax laws. No costs were imposed on the Revenue despite its failure to adhere to established precedents. en-us Mon, 14 Sep 2020 00:00:00 +0530 Sat, 19 Sep 2020 13:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398613 The High Court of Madras upheld the Income Tax Appellate Tribunal's decision to categorize rental income from software companies as Business Income for the Assessee. The Court emphasized the importance of considering the primary income source and allowed deductions accordingly. It criticized the Revenue for failing to establish the Assessee's main business activity and disregarding binding precedents. The Court dismissed the Revenue's appeal, stressing the need for consistency in following legal principles and precedents to ensure fair application of tax laws. No costs were imposed on the Revenue despite its failure to adhere to established precedents. Case-Laws Income Tax Mon, 14 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398613