ITAT Mumbai directs Assessment of Factory Premises Rental Income under Section 57

Janak Texturisers Pvt. Ltd. Vs ITO (ITAT Mumbai) The appeal filed by Janak Texturisers Pvt. Ltd. (the assessee) before the Income Tax Appellate Tribunal (ITAT) Mumbai arises from a reassessment order passed by the Joint Commissioner of Income Tax (CIT) for the assessment year (A.Y.) 2010-11. The primary issues contested in the appeal include the validity of the reassessment notice under section 148 of the Income Tax Act and the disallowance of expenses amounting to Rs. 6,78,980 by the assessing officer (AO). Reassessment and Validity of Notice The assessee argued that the notice issued under s...