https://www.taxtmi.com/caselaws?id=758717 Patna HC ruled in favor of the assessee regarding classification of rental income. Despite the assessee company having multiple objects in its Memorandum of Association, the AO found it engaged only in property leasing with no other business activities since incorporation in 1975. The court held that rental receipts should be assessed as business income rather than house property income, following precedents from Rayala Corporation and Chennai Properties SC cases. The HC upheld the First Appellate Authority's decision, finding the income constituted business income given the company's sole activity of renting out buildings during the assessment years. en-us Fri, 12 Jan 2024 00:00:00 +0530 Tue, 17 Sep 2024 14:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758717 Patna HC ruled in favor of the assessee regarding classification of rental income. Despite the assessee company having multiple objects in its Memorandum of Association, the AO found it engaged only in property leasing with no other business activities since incorporation in 1975. The court held that rental receipts should be assessed as business income rather than house property income, following precedents from Rayala Corporation and Chennai Properties SC cases. The HC upheld the First Appellate Authority's decision, finding the income constituted business income given the company's sole activity of renting out buildings during the assessment years. Case-Laws Income Tax Fri, 12 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758717