https://www.taxtmi.com/highlights?id=69313 Claim of expenses from rental income - correct head of income - the business centre was being exploited by the respondent/assessee as a commercial asset. Therefore, the income from the same, as rightly concluded by the Tribunal, should have been treated by the AO/CIT(A) as business income. Consequently, the deduction of expenses as well as interest on borrowed capital would have to be allowed, in terms of Section 36(1)(iii) of the Act. - HC en-us Wed, 19 Apr 2023 16:05:24 +0530 Wed, 19 Apr 2023 16:05:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=69313 Claim of expenses from rental income - correct head of income - the business centre was being exploited by the respondent/assessee as a commercial asset. Therefore, the income from the same, as rightly concluded by the Tribunal, should have been treated by the AO/CIT(A) as business income. Consequently, the deduction of expenses as well as interest on borrowed capital would have to be allowed, in terms of Section 36(1)(iii) of the Act. - HC Highlights Income Tax Wed, 19 Apr 2023 16:05:24 +0530 https://www.taxtmi.com/highlights?id=69313