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ITAT Delhi Quashes PCIT’s 263 Orders – Rental Income Taxed as House Property
Case Law Details
- Case Name
- Ambience Developers & Infrastructure Pvt. Ltd Vs PCIT ( ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Delhi
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Ambience Developers & Infrastructure Pvt. Ltd Vs PCIT ( ITAT Delhi)
ITAT Delhi Quashes 263 Orders – Rental Income Reclassified as House Property, Not Business
Background Assessments:
Assessee engaged in real estate development.
AY 2018-19: Return filed showing loss of ₹19.52 Cr (normal) & MAT income of ₹17.09 Cr, processed u/s 143(3).
AY 2020-21: Similar scrutiny completed.
PCIT (Central)-2, Delhi:
Exercised revisionary jurisdiction u/s 263 (orders dated 29.02.2024).
Held AO’s orders erroneous & prejudicial to Revenue, citing:
Wrong classification of rental receipts as â...
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