Bombay High Court Allows Appeals in Income Tax Classification Dispute — Rent Income from Leasing Properties Held Assessable as Business Income. The Court ruled that where the assessee's main object is leasing and it conducts systematic business activity, rental income is assessable under 'Profits and gains of business or profession' under Section 28 of the Income Tax Act, 1961, not under 'Income from house property'.
21 Oct 2024The case involves a batch of appeals under Section 260A of the Income Tax Act, 1961, filed by National Leasing Limited (later National Realty Pvt. Ltd...
