https://www.taxtmi.com/caselaws?id=427525 The Tribunal partly allowed the appeals for both assessment years, ruling in favor of the assessee on certain issues. The classification of income from the sale of shops and flats was treated as "Income from Other Sources" rather than business income. Depreciation on assets purchased from a related party was partially disallowed but later corrected by the Tribunal. Reimbursement of expenses to the related party was allowed, overturning the AO's decision. Brokerage expenses related to property sale were allowed as a deduction. The decisions were applied similarly for the subsequent assessment year with necessary adjustments. en-us Wed, 07 Sep 2022 00:00:00 +0530 Sat, 10 Sep 2022 07:04:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427525 The Tribunal partly allowed the appeals for both assessment years, ruling in favor of the assessee on certain issues. The classification of income from the sale of shops and flats was treated as "Income from Other Sources" rather than business income. Depreciation on assets purchased from a related party was partially disallowed but later corrected by the Tribunal. Reimbursement of expenses to the related party was allowed, overturning the AO's decision. Brokerage expenses related to property sale were allowed as a deduction. The decisions were applied similarly for the subsequent assessment year with necessary adjustments. Case-Laws Income Tax Wed, 07 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427525