https://www.taxtmi.com/caselaws?id=443728 The Tribunal determined that the income earned by the company from letting out properties and selling them should be classified as "Business Income" rather than "Income from House Property." The Tribunal considered the company's real estate development activities and concluded that the income generated was part of its business model. Past acceptance of income as "Income from House Property" did not impact the current assessment. Judicial precedents cited by the assessee were found not to contradict the law. The Tribunal upheld the Revenue's assessment of the income as business income, setting aside the previous appellate order. en-us Mon, 25 Sep 2023 00:00:00 +0530 Sat, 30 Sep 2023 08:24:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443728 The Tribunal determined that the income earned by the company from letting out properties and selling them should be classified as "Business Income" rather than "Income from House Property." The Tribunal considered the company's real estate development activities and concluded that the income generated was part of its business model. Past acceptance of income as "Income from House Property" did not impact the current assessment. Judicial precedents cited by the assessee were found not to contradict the law. The Tribunal upheld the Revenue's assessment of the income as business income, setting aside the previous appellate order. Case-Laws Income Tax Mon, 25 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443728