https://www.taxtmi.com/caselaws?id=761170 ITAT Mumbai ruled on three issues concerning rental income classification, F&O transaction losses, and section 14A disallowance. The tribunal upheld CIT(A)'s decision treating rental income as "Income from House Property" rather than business income, applying consistency principle since assessee consistently treated properties as investments in prior years. The tribunal also confirmed CIT(A)'s treatment of F&O losses as normal business losses rather than speculation losses under section 43(5). However, ITAT reversed CIT(A)'s section 14A disallowance, following Bombay HC precedent in Kohinoor Project that disallowance is not required when no exempt income is earned during the relevant year. en-us Mon, 21 Oct 2024 00:00:00 +0530 Wed, 06 Nov 2024 08:34:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761170 ITAT Mumbai ruled on three issues concerning rental income classification, F&O transaction losses, and section 14A disallowance. The tribunal upheld CIT(A)'s decision treating rental income as "Income from House Property" rather than business income, applying consistency principle since assessee consistently treated properties as investments in prior years. The tribunal also confirmed CIT(A)'s treatment of F&O losses as normal business losses rather than speculation losses under section 43(5). However, ITAT reversed CIT(A)'s section 14A disallowance, following Bombay HC precedent in Kohinoor Project that disallowance is not required when no exempt income is earned during the relevant year. Case-Laws Income Tax Mon, 21 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761170