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Object clause alone cannot be a basis to determine head of income
Case Law Details
- Case Name
- MLC Properties LLP Vs DCIT (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Bangalore
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MLC Properties LLP Vs DCIT (ITAT Bangalore)
Object clause alone cannot be a basis to determine the head of income, intention of Assessee will decide the head of tax liability
The issue under consideration is whether the rental income earned by the assessee is taxable under the head “Income from House Property” as claimed by the assessee in the return of income or under the head “Income from Business” as held by the AO in the assessment order.
ITAT find that there is no other basis of the action of the AO that the rental income is assessable as business ...
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