Revision u/s 263 - Classification of rental income - House ...

Case Laws Income Tax

March 12, 2024

Revision u/s 263 - Classification of rental income - House property v/s business income - The Appellate Tribunal observed that the Assessee is primarily engaged in providing BPO and IT-related services, and the property in Thane was disclosed as "non-current investment" in the financial statements. The rental income was reflected as "non-operational income" in the financial statements, indicating it was not business income. Various judicial precedents were cited to distinguish between business income and income from house property. The Tribunal found no infirmity in the assessment order and upheld the Assessee's claim that the rental income qualifies as "income from house property." - Consequently, the order passed under Section 263 of the Income Tax Act was set aside.

View Source

← Previous Next →

Revision u/s 263 - Classification of rental income - House ...

Case Laws Income Tax

March 12, 2024

You may also like:

Revision u/s 263 by CIT - rental income which had been shown as “Income from Business & Profession” rather than showing the same as “Income from House Property” - once...

Rectification u/s 154 - Deduction claimed u/s. 80IAB - Wrong classification of income under the head ‘income from house property’, has resulted in wrong claim of...

Rental income earned by assessee should be assessed as income from house property, not business income. AO failed to highlight aspects indicating rental income was...

Nature of rental income - Income from house property or business income - acquiring and leasing properties - rental/licence fee received by the assessee in respect of...

Rental Income - Business Income vs Income from House Property - rental income received from Ms. Rekha Jalan (director) has to be treated as business income and rental...

Revision u/s 263 - whether rental income of House property is assessable under the head “Income from House Property” or under the head “Income from business or...

Correct head of income - Characterization of income - rental income as 'business income' or 'income from house property' - there is no doubt that assessee has object of...

Income from leasing the hotel was income from business and not income from house property - AT

Rental income of letting out property simplicitor was chargeable to tax under the head income from house property and not as business income irrespective of the fact...

The High Court held that rent income derived from letting out properties by the assessee should be treated as 'Income from Profits and Gains of Business' and not 'Income...

Rental income from the property - income from other sources OR income from house property - By not recording construction expenses in books of account, the rights of...

Revision u/s 263 - Correct head of income - rental income from letting out of the shop - The assessee was not finding the buyer to sell the property which were kept as...

The case pertains to the correct head of income for rental income receipts, whether assessable under 'Income From House Property' or 'Income from Business'. The key...

The High Court examined various issues concerning the calculation of deduction u/s 80IC, eligibility for the deduction, disallowance of royalty payments, and treatment...

Rental income correctly classified as "income from house property" rather than "income from business" despite composite rent including amenities charges. TDS deducted...

Quick Updates: