https://www.taxtmi.com/caselaws?id=757586 ITAT Mumbai ruled in favor of the assessee regarding classification of rental income. The tribunal held that composite rent should be bifurcated between rental income (taxable under income from house property) and maintenance charges (taxable under income from business). The AO had consistently accepted this method for previous years 2016-17 to 2021-22. CIT(A)'s order was set aside on this ground. Other issues regarding interest expenses disallowance and book loss adjustment were remanded to AO for fresh examination with adequate opportunity of hearing to the assessee. en-us Tue, 27 Feb 2024 00:00:00 +0530 Wed, 28 Aug 2024 10:18:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757586 ITAT Mumbai ruled in favor of the assessee regarding classification of rental income. The tribunal held that composite rent should be bifurcated between rental income (taxable under income from house property) and maintenance charges (taxable under income from business). The AO had consistently accepted this method for previous years 2016-17 to 2021-22. CIT(A)'s order was set aside on this ground. Other issues regarding interest expenses disallowance and book loss adjustment were remanded to AO for fresh examination with adequate opportunity of hearing to the assessee. Case-Laws Income Tax Tue, 27 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757586