https://www.taxtmi.com/caselaws?id=426897 The court dismissed the appeal seeking condonation of delay in filing, but allowed the appeal for condonation of delay in refiling after removing objections. The Income Tax Appellate Tribunal (ITAT) upheld the classification of rental income as "Income from Business & Profession," emphasizing the company's business activities. The High Court affirmed the ITAT's decision, stating the Assessing Officer's view was sustainable in law. The court upheld the ITAT's decision, dismissing the appeal and confirming the rental income's classification as business income, deeming the revisionary action by the Principal Commissioner of Income Tax unwarranted due to minimal tax effect. en-us Mon, 22 Aug 2022 00:00:00 +0530 Mon, 03 Oct 2022 14:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426897 The court dismissed the appeal seeking condonation of delay in filing, but allowed the appeal for condonation of delay in refiling after removing objections. The Income Tax Appellate Tribunal (ITAT) upheld the classification of rental income as "Income from Business & Profession," emphasizing the company's business activities. The High Court affirmed the ITAT's decision, stating the Assessing Officer's view was sustainable in law. The court upheld the ITAT's decision, dismissing the appeal and confirming the rental income's classification as business income, deeming the revisionary action by the Principal Commissioner of Income Tax unwarranted due to minimal tax effect. Case-Laws Income Tax Mon, 22 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426897