https://www.taxtmi.com/caselaws?id=308414 The appellate authorities upheld the Assessing Officer's decision to treat revenue from operations as income from house property instead of business income due to insufficient evidence supporting the business nature of activities. The Income Tax Appellate Tribunal (ITAT) directed the AO to consider the assessee's revised computation as per law and thoroughly examine the agreement with M/s. Four Seasons Hospitality Pvt. Ltd. for proper assessment. The dispute over the disallowance of business expenses and depreciation was not directly addressed in the provided summary. Penalty proceedings were initiated against the assessee for non-conduct of tax audit and late filing of the return, and the examination of the agreement with M/s. Four Seasons Hospitality Pvt. Ltd. was deemed crucial in determining the nature of income. en-us Thu, 11 Aug 2022 00:00:00 +0530 Fri, 23 Jun 2023 20:57:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308414 The appellate authorities upheld the Assessing Officer's decision to treat revenue from operations as income from house property instead of business income due to insufficient evidence supporting the business nature of activities. The Income Tax Appellate Tribunal (ITAT) directed the AO to consider the assessee's revised computation as per law and thoroughly examine the agreement with M/s. Four Seasons Hospitality Pvt. Ltd. for proper assessment. The dispute over the disallowance of business expenses and depreciation was not directly addressed in the provided summary. Penalty proceedings were initiated against the assessee for non-conduct of tax audit and late filing of the return, and the examination of the agreement with M/s. Four Seasons Hospitality Pvt. Ltd. was deemed crucial in determining the nature of income. Case-Laws Income Tax Thu, 11 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308414