2026 (8) TMI 356

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..... Piyush Kaushik, Adv. For the Department : Ms. Ankush Kalra, Sr. DR ORDER PER SATBEER SINGH GODARA, JM This assessee's appeal for assessment year 2022-23, arises against the Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre [in short, the "CIT(A)/NFAC"], Delhi's DIN and order no. ITBA/NFAC/S/250/2024-25/1074704436(1), dated 19.03.2025 involving proceedings under sec....

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....ute that the assessee had declared rental receipts of Rs. 1,11,24,910/- as income from house property thereby claiming 30% standard deduction thereupon which has been held as assessable as in the nature of business income in both the learned lower authorities' respective assessment and lower appellate findings. 5. Both the parties vehemently reiterated their respective stands against and in sup....

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....er business activity apart from leasing out of the property as well. 8. We find no merit in the Revenue's foregoing vehement submissions. We first of all notice that the case law Rayala Corporation Pvt. Ltd. v. ACIT (2016) 386 ITR 500 (SC) has settled the issue after Chennai Properties & Investments Ltd. (supra) regarding assessment of such an income derived from leasing out property thereby co....