Absence of adherence to procedure laid down in Section 144B of Income Tax Act render the assessment order patently illegal: Bombay HC in Teerth Developers And Teerth Realties JV (AOP) Vs Additional/ Joint/Deputy/ ACIT/ ITO
Bombay HC rules rental income of National Leasing Ltd. should be taxed as business income, overturning ITAT’s decision based on its core business activity.
