Assessment of assessee was completed and Assessing Officer accepted stand of assessee that rental income was to be assessed as a house property\u00a0 Commissioner passed the revision order\u00a0 adjudicate the issue whether the rental income be assessed as business income.\u00a0\u00a0\u00a0 The AO assessed the income as income from business. CIT(A) affirmed the order of the AO. On appeal the Tribunal held that\u00a0\u00a0 main objective of\u00a0 the assessee-company is\u00a0 to carry on business of all kinds of engineering products including financing, manufacturing, selling or in any other form. Since assessee had not declared any income for providing additional facilities to occupiers of premises and those aspects had not been considered by Assessing Officer in impugned assessment order therefore, rental income declared by assessee deserved to be assessed as a house property income and not as a business income.\u00a0 Rule of consistency is followed. (AY. 2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 22 : Income from house property-Business of all kinds of engineering products including financing, manufacturing, selling-Rental income assessable as income from house property and not as business income. [S. 28(i), 263] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-51134","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-diK","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51134","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=51134"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51134\/revisions"}],"predecessor-version":[{"id":51135,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51134\/revisions\/51135"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=51134"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=51134"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=51134"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}