https://www.taxtmi.com/caselaws?id=57553 The ITAT determined that the rental income from a commercial complex on leasehold land should be classified as "Income from business" rather than "Income from house property." The assessee's lack of full proprietary rights over the property and the business objective of property development and leasing supported this classification. The original assessments treating the income as business income were upheld, and the CIT's application of section 263 was deemed unnecessary. The appeals by the assessee were successful, and the disputed orders were set aside. en-us Thu, 15 Apr 1999 00:00:00 +0530 Fri, 10 Dec 2010 17:19:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57553 The ITAT determined that the rental income from a commercial complex on leasehold land should be classified as "Income from business" rather than "Income from house property." The assessee's lack of full proprietary rights over the property and the business objective of property development and leasing supported this classification. The original assessments treating the income as business income were upheld, and the CIT's application of section 263 was deemed unnecessary. The appeals by the assessee were successful, and the disputed orders were set aside. Case-Laws Income Tax Thu, 15 Apr 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57553