https://www.taxtmi.com/caselaws?id=753363 The ITAT Delhi held that lease rental receipts from a property with substantial infrastructure and facilities constituted business income rather than income from house property. The assessee leased out property with comprehensive amenities including AC plants, DG sets, lifts, internet lines, and other facilities, which added substantial value beyond mere building occupation. The tribunal found that the user was not merely a tenant but received possession of a complete commercial asset with desired services and amenities. The tax authorities erred in reclassifying the income from business income to rental income, making the disallowance of expenditure and denial of depreciation unsustainable. Both appeals were allowed. en-us Mon, 27 May 2024 00:00:00 +0530 Thu, 30 May 2024 12:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753363 The ITAT Delhi held that lease rental receipts from a property with substantial infrastructure and facilities constituted business income rather than income from house property. The assessee leased out property with comprehensive amenities including AC plants, DG sets, lifts, internet lines, and other facilities, which added substantial value beyond mere building occupation. The tribunal found that the user was not merely a tenant but received possession of a complete commercial asset with desired services and amenities. The tax authorities erred in reclassifying the income from business income to rental income, making the disallowance of expenditure and denial of depreciation unsustainable. Both appeals were allowed. Case-Laws Income Tax Mon, 27 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753363