https://www.taxtmi.com/caselaws?id=791121 In an abated section 153A assessment, the return filed in response to the notice substitutes the original return, so the assessee may raise a fresh claim. Lease rental from an Industrial Park/SEZ IT park is to be assessed as business income, not house property income. Disallowance under section 14A read with Rule 8D is confined to the exempt income earned, and the section 14A mechanism cannot be imported into book-profit computation under section 115JB beyond direct exempt-income related expenditure. For years before the 2018 amendment, notional annual letting value cannot be added for unsold flats held as stock-in-trade without a specific charging provision. en-us Thu, 30 Apr 2026 00:00:00 +0530 Wed, 06 May 2026 08:32:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=791121 In an abated section 153A assessment, the return filed in response to the notice substitutes the original return, so the assessee may raise a fresh claim. Lease rental from an Industrial Park/SEZ IT park is to be assessed as business income, not house property income. Disallowance under section 14A read with Rule 8D is confined to the exempt income earned, and the section 14A mechanism cannot be imported into book-profit computation under section 115JB beyond direct exempt-income related expenditure. For years before the 2018 amendment, notional annual letting value cannot be added for unsold flats held as stock-in-trade without a specific charging provision. Case-Laws Income Tax Thu, 30 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=791121