https://www.taxtmi.com/caselaws?id=419208 The High Court remanded the matter to the Tribunal to determine if rental receipts should be treated as business income or income from house property. The Tribunal upheld the approach that rental income should be assessed as business income if the company's main objective is property acquisition. Additional evidence was admitted by the CIT(A) as it was crucial for adjudication. The delay in filing the appeal was condoned due to the Chartered Accountant's ill health. The Tribunal directed the AO to verify the company's main objects for assessing income from construction and sale of residential apartments as business income. The appeal by the Revenue and cross objection by the assessee were dismissed, with specific issues remanded for further verification. en-us Tue, 22 Feb 2022 00:00:00 +0530 Sat, 05 Mar 2022 07:59:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419208 The High Court remanded the matter to the Tribunal to determine if rental receipts should be treated as business income or income from house property. The Tribunal upheld the approach that rental income should be assessed as business income if the company's main objective is property acquisition. Additional evidence was admitted by the CIT(A) as it was crucial for adjudication. The delay in filing the appeal was condoned due to the Chartered Accountant's ill health. The Tribunal directed the AO to verify the company's main objects for assessing income from construction and sale of residential apartments as business income. The appeal by the Revenue and cross objection by the assessee were dismissed, with specific issues remanded for further verification. Case-Laws Income Tax Tue, 22 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419208