Appeal regarding rental income from house property under the head ‘Income from Business and Profession’ as against ‘Income from House Property'

Last updated: 19 April 2021

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This appeal concerns the correct tax classification of rental income received by Tube Rose Estates Pvt. Ltd. The assessee company had declared this income under 'Income from House Property', but the tax authorities reclassified it as 'Income from Business and Profession'. The company argues this reclassification is incorrect, especially as it disregards past tax assessments and judicial precedents where the income was consistently treated as 'Income from House Property'. They also contest the rejection of standard deductions applicable to house property income.

Court :
ITAT New Delhi

Brief :
This appeal is filed by the assessee against the order of the CIT (Appeals)- 33, New Delhi, dated 22.02.2018 wherein assessee filed an appeal beforehim against the order passed by the Assistant Commissioner of Income Tax,Circle 16(1), New Delhi, for assessment year 2010-11 passed under Section143(3) of the Income Tax Act, 1961 (the Act) on 28.02.2013 determining thetotal income of the assessee at Rs.4,27,14,580/- against the returned income of the assessee filed on 9.10.2010 at Rs.3,23,72,809/- making an addition of Rs.1,03,41,773/- on account of maintenance income and reimbursement of income in that assessment order, was partly allowed.

Citation :
ITA 3136/DEL/2018

Daily Limit Reached