https://www.taxtmi.com/caselaws?id=400726 The Tribunal ruled in favor of the assessee in a tax dispute regarding the classification of rental income and the allowance of depreciation and vehicle expenses. The rental income was classified as "Income from Business & Profession" based on the business objective of property letting. Depreciation and vehicle expenses were allowed as business expenses due to the ongoing nature of the business despite a market slump. The Tribunal upheld the assessment order, stating it was neither erroneous nor prejudicial to the Revenue's interest, and quashed the Pr. CIT's revisionary order under Section 263. en-us Wed, 11 Nov 2020 00:00:00 +0530 Tue, 17 Nov 2020 11:20:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400726 The Tribunal ruled in favor of the assessee in a tax dispute regarding the classification of rental income and the allowance of depreciation and vehicle expenses. The rental income was classified as "Income from Business & Profession" based on the business objective of property letting. Depreciation and vehicle expenses were allowed as business expenses due to the ongoing nature of the business despite a market slump. The Tribunal upheld the assessment order, stating it was neither erroneous nor prejudicial to the Revenue's interest, and quashed the Pr. CIT's revisionary order under Section 263. Case-Laws Income Tax Wed, 11 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400726