https://www.taxtmi.com/caselaws?id=470826 Composite letting of industrial premises with tenant-specific customisation, furnishings, repairs, security, housekeeping, parking and other continuing services is treated as business income where it constitutes a structured service operation rather than bare rental exploitation. Operational expenses, employee salaries, directors' remuneration and depreciation connected with that activity are consequently allowable. Compensation paid to tenants for surrendering tenancy rights is deductible as business expenditure where it secures vacant possession, prevents third-party rights and facilitates reletting without creating a capital asset or enduring advantage. Reversal of an earlier tax provision may be excluded from book profit only if the original provision was not allowed as a deduction. MAT credit, unabsorbed depreciation set-off and TDS credit require verification and recomputation under applicable law. en-us Wed, 21 Aug 2024 00:00:00 +0530 Mon, 10 Aug 2026 21:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470826 Composite letting of industrial premises with tenant-specific customisation, furnishings, repairs, security, housekeeping, parking and other continuing services is treated as business income where it constitutes a structured service operation rather than bare rental exploitation. Operational expenses, employee salaries, directors' remuneration and depreciation connected with that activity are consequently allowable. Compensation paid to tenants for surrendering tenancy rights is deductible as business expenditure where it secures vacant possession, prevents third-party rights and facilitates reletting without creating a capital asset or enduring advantage. Reversal of an earlier tax provision may be excluded from book profit only if the original provision was not allowed as a deduction. MAT credit, unabsorbed depreciation set-off and TDS credit require verification and recomputation under applicable law. Case-Laws Income Tax Wed, 21 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470826