https://www.taxtmi.com/highlights?id=81466 The case pertains to the correct head of income for rental income receipts, whether assessable under 'Income From House Property' or 'Income from Business'. The key points are: The assessee's sole business was leasing properties, without any construction projects or major sales since incorporation. The Assessing Officer (AO) erroneously presumed that no prudent person would wait for over 10-20 years after receiving twice the cost of the building. The AO's assumption that the absence of legal proceedings by intending purchasers impacts tax levy is unfounded. The First Appellate Authority rightly treated the income as business income, given the assessee's sole business of renting buildings. Based on the AO's factual findings, the income canno..... en-us Wed, 18 Sep 2024 07:53:02 +0530 Wed, 18 Sep 2024 07:53:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=81466 The case pertains to the correct head of income for rental income receipts, whether assessable under 'Income From House Property' or 'Income from Business'. The key points are: The assessee's sole business was leasing properties, without any construction projects or major sales since incorporation. The Assessing Officer (AO) erroneously presumed that no prudent person would wait for over 10-20 years after receiving twice the cost of the building. The AO's assumption that the absence of legal proceedings by intending purchasers impacts tax levy is unfounded. The First Appellate Authority rightly treated the income as business income, given the assessee's sole business of renting buildings. Based on the AO's factual findings, the income canno..... Highlights Income Tax Wed, 18 Sep 2024 07:53:02 +0530 https://www.taxtmi.com/highlights?id=81466