2017 (1) TMI 1699 - SCH - Income Tax

Charge of rental income - business income or income from house property - Tribunal directing the Assessing Officer to tax the rental income as 'income from house property' and to allow deduction u/s 24 - ITAT allowed the claim of expenses of ₹ 45 lakhs on account of provision for incomplete work - interest paid as capital brought in by partners - Expenses claimed on account of incomplete work - Deduction under section 24(b) of the IT Act as interest on borrowed capital - HELD THAT - Leave granted.

Summary

The Supreme Court granted leave in the case with citation 2017 (1) TMI 1699 - SC. Justices Kurian Joseph and Rohinton Fali Nariman presided over the case. Key legal representatives included Mr. Ranjit Kumar for the Petitioner and Mr. S. C. Tiwari for the Respondent.