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ITAT Kolkata Allows 30% Deduction on Warehousing Lease Income
Case Law Details
- Case Name
- Hind Ceramics Private Limited Vs DCIT (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Kolkata
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Hind Ceramics Private Limited Vs DCIT (ITAT Kolkata)
Lease Rental Is House Property Income; 30% Deduction Allowed—Speculation Addition on Flat Rights Also Deleted
The Assessee appealed against NFAC order dated 30.01.2024 wherein two major issues were decided against it—(i) treating lease rentals from its warehousing complex as business income instead of house property income, thereby denying the 30% deduction u/s 24(a), and (ii) treating profit on assignment of flat-booking rights as speculative income u/s 43(5).
Lease Rental Issue: Income from House Property
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