Is income from letting out of office premises taxable under PGBP or income from house property?

Last updated: 17 September 2021
Quick Summary
This Income Tax Appellate Tribunal case examines whether income from letting out office premises should be taxed under 'Profits and Gains of Business or Profession' (PGBP) or 'Income from House Property'. The assessee argued that letting out property was an isolated activity and not part of their core business. The Tribunal partly allowed the appeal, restoring the issue to the Assessing Officer for a fresh decision.

Court :
ITAT Mumbai

Brief :
The assessee has filed the present appeal against the order dated 25.11.2019 passed by the Commissioner of Income Tax (Appeals)-04, Mumbai [hereinafter referred to as the “CIT(A)”] relevant to the A.Y. 2016-17.

Citation :
I.T.A. No. 591/Mum/2020

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