Rental income correctly classified as "income from house ...

Rental income rightfully classified as "house property" despite composite rent; TDS deducted correctly. Separate books maintained.

Case Laws Income Tax

August 29, 2024

Rental income correctly classified as "income from house property" rather than "income from business" despite composite rent including amenities charges. TDS deducted appropriately u/ss 194I and 194C. Assessee maintained separate books, audited financials bifurcating rental income and service charges. AO accepted this treatment for multiple years. CIT(A) erred in overlooking evidence. Directed AO to consider rental income under "income from house property" and amenities charges under "income from business", allowing deductions. Disallowance of interest expenses for lack of nexus to business remitted to AO for re-examination after providing opportunity to assessee to substantiate availability of own funds as per Reliance Utilities case. Disallowance of brought forward book loss adjustment against book profits u/s 115JB remitted to AO with direction to provide opportunity to assessee to substantiate. Disallowance of interest expenses despite availability of own funds remitted to AO for verification after giving assessee an opportunity.

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Rental income correctly classified as "income from house ...

Rental income rightfully classified as "house property" despite composite rent; TDS deducted correctly. Separate books maintained.

Case Laws Income Tax

August 29, 2024

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