https://www.taxtmi.com/caselaws?id=451298 The Bombay HC ruled that rental income assessed under "Income from house property" qualifies for deduction under Section 32AB. The court held that rental income forms part of the same business when there is unified accounting, common management, and single profit/loss statements. The absence of the phrase "chargeable to profits and gains of business" in Section 32AB(3) supports inclusion of all eligible business income except specifically excluded items. The dichotomy between printing income and rental income was deemed unwarranted, allowing deduction on entire business income including house property income. en-us Fri, 15 Mar 2024 00:00:00 +0530 Thu, 16 Jan 2025 16:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=451298 The Bombay HC ruled that rental income assessed under "Income from house property" qualifies for deduction under Section 32AB. The court held that rental income forms part of the same business when there is unified accounting, common management, and single profit/loss statements. The absence of the phrase "chargeable to profits and gains of business" in Section 32AB(3) supports inclusion of all eligible business income except specifically excluded items. The dichotomy between printing income and rental income was deemed unwarranted, allowing deduction on entire business income including house property income. Case-Laws Income Tax Fri, 15 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=451298