ITAT Kolkata Allows 30% Deduction on Warehousing Lease Income

Hind Ceramics Private Limited Vs DCIT (ITAT Kolkata) Lease Rental Is House Property Income; 30% Deduction Allowed—Speculation Addition on Flat Rights Also Deleted  The Assessee appealed against NFAC order dated 30.01.2024 wherein two major issues were decided against it—(i) treating lease rentals from its warehousing complex as business income instead of house property income, thereby denying the 30% deduction u/s 24(a), and (ii) treating profit on assignment of flat-booking rights as speculative income u/s 43(5). Lease Rental Issue: Income from House Property As seen from the order, the ...