Hoarding charges for advertisement on boundary walls is House Property Income

Chaitanya Developers Vs Addl. CIT (ITAT Mumbai) In the given case the assessee is a partnership firm engaged in the business of builders and developers. During the course of assessment proceedings the Assessing Officer (AO) observed that the assessee had received hoarding charges of Rs. 41,80,000/- from M/s Dezen Products for advertising display on boundary walls and the same was offered for taxation under the head “Income from House Property”. In response to a query raised by the AO to explain as to  why the receipts on account of advertising display charges should not be assessed under ...