Income Once Taxed as House Property Can’t Be Stray-Taxed as Business Income Later

ACIT Vs International Recreation Parks (P) Ltd (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT) in Delhi recently delivered a verdict in the case between the Assistant Commissioner of Income Tax (ACIT) and International Recreation Parks (P) Ltd. The crux of the matter revolves around the proper classification of income—specifically, whether income once taxed as house property can later be re-classified and taxed as business income. This case has generated considerable interest among tax experts, property developers, and businesses alike. The Case Background The assessee, International R...