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Rental Income Can’t Be Reclassified as Business Profits based on Consistency Rule: ITAT Mumbai
Case Law Details
- Case Name
- H&M Housing Finance and Leasing Private Limited Vs DCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Mumbai
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H&M Housing Finance and Leasing Private Limited Vs DCIT (ITAT Mumbai)
AO Can’t Reclassify Rent as Business Income- Consistency Rule Applied – ITAT Mumbai Deletes Business Head Taxing of Rent
Facts: Assessee, a leasing & finance company, owned a commercial property (Raheja Woods, Pune) let out to HSBC Software Development Pvt. Ltd. under a long-term lease (2015–2024). Rental income of ₹10.62 Cr was offered as Income from House Property with deduction u/s 24. AO taxed it as Business Income, applying SC ruling in Chennai Properties & Investments Ltd., thereby...
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