Bombay High Court Allows Appeal in Income Tax Case Regarding Deduction Under Section 32AB for Rental Income Assessed as House Property Income. The court held that rental income from letting of business premises forms part of 'profits of eligible business or profession' under Section 32AB of the Income Tax Act, 1961, even if assessed under the head 'Income from house property'....
The appellant, Indian Express Newspapers (Bombay) Ltd., owned a building known as Express Towers at Nariman Point, Mumbai. For the Assessment Year 1987-1988, the appellant claimed a deduction of Rs.76...
