https://www.taxtmi.com/caselaws?id=767410 ITAT Mumbai held that car parking receipts should be treated as business income rather than income from other sources, following SC precedent in Radhasoami Satsang and Bombay HC in National Leasing Limited. The assessee was allowed depreciation on building portions used for parking facilities as they were incidental to hotel business operations. However, depreciation claims on plant and machinery for garden and club house maintenance were denied as no corresponding income was shown under "income from other sources." Legal and professional fees, repairs, maintenance, and landscaping expenses were allowed as legitimate business deductions despite the AO's contention that the lessee should bear such costs. en-us Mon, 13 Jan 2025 00:00:00 +0530 Tue, 18 Mar 2025 08:35:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767410 ITAT Mumbai held that car parking receipts should be treated as business income rather than income from other sources, following SC precedent in Radhasoami Satsang and Bombay HC in National Leasing Limited. The assessee was allowed depreciation on building portions used for parking facilities as they were incidental to hotel business operations. However, depreciation claims on plant and machinery for garden and club house maintenance were denied as no corresponding income was shown under "income from other sources." Legal and professional fees, repairs, maintenance, and landscaping expenses were allowed as legitimate business deductions despite the AO's contention that the lessee should bear such costs. Case-Laws Income Tax Mon, 13 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767410