https://www.taxtmi.com/caselaws?id=313511 ITAT Indore ruled that rental income from shopping mall properties constitutes business income under Section 28, not house property income under Section 22. The tribunal held that where properties are commercially exploited per company's stated objects, income should be assessed as business income. Following SC precedents in Chennai Properties Investment Ltd. and Rayala Corporation, the tribunal confirmed CIT(A)'s classification. Consequently, AO's estimation under Section 23 was deemed invalid, and depreciation claims on business assets were allowed at 50% prescribed rates for assets used less than 180 days. en-us Mon, 21 Nov 2022 00:00:00 +0530 Thu, 18 Apr 2024 16:46:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313511 ITAT Indore ruled that rental income from shopping mall properties constitutes business income under Section 28, not house property income under Section 22. The tribunal held that where properties are commercially exploited per company's stated objects, income should be assessed as business income. Following SC precedents in Chennai Properties Investment Ltd. and Rayala Corporation, the tribunal confirmed CIT(A)'s classification. Consequently, AO's estimation under Section 23 was deemed invalid, and depreciation claims on business assets were allowed at 50% prescribed rates for assets used less than 180 days. Case-Laws Income Tax Mon, 21 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313511