Section 143(1) adjustment unsustainable – Rental Income treated as Business Income

Deutschland Transformers P. Ltd Vs DCIT (ITAT Chennai) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2018-19 arises out of the order of learned Commissioner of Income Tax (Appeals)-1, Chennai dated 04.09.2020 in the matter of an intimation issued by Centralized Processing Center, Bangalore u/s 143(1) of the Act on 02.10.2019. In the intimation, the ‘business income’ has been enhanced by Rs.15.53 Lacs. 2. The Ld. AR drew attention to the computation of income and explained that the assessee earned income from House Property for 77 Lacs which was credited in the Profit & Loss ...