https://www.taxtmi.com/caselaws?id=60028 The Tribunal ruled that the income from shopping malls and business centers should be classified as business income rather than income from house property. It found that the Assessing Officer's original assessment was valid and that the Commissioner of Income-tax's assumption of jurisdiction under section 263 was without legal basis. Consequently, the Tribunal canceled the order under section 263 and allowed the assessee's appeal, affirming that the finance charges related to property acquisition should be treated as business expenditure. en-us Fri, 11 May 2007 00:00:00 +0530 Sat, 17 Feb 2024 13:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60028 The Tribunal ruled that the income from shopping malls and business centers should be classified as business income rather than income from house property. It found that the Assessing Officer's original assessment was valid and that the Commissioner of Income-tax's assumption of jurisdiction under section 263 was without legal basis. Consequently, the Tribunal canceled the order under section 263 and allowed the assessee's appeal, affirming that the finance charges related to property acquisition should be treated as business expenditure. Case-Laws Income Tax Fri, 11 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60028