Rental Income Shall be treated as Income from House Property, not Income from Other Sources: ITAT grants Relief to Piramal Enterprises [Read Order]

The rental income is income from other house property and granted statutory deduction in terms of Section 24(a) of the Income Tax Act, 1961
Rental Income - Income from House Property - House Property - ITAT - Piramal Enterprises - taxscan

In a recent decision, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) granted Piramal Enterprises relief by ruling that rental income from RP House should be treated as income from house property, not income from other sources, contrary to the CIT(A)’s decision. The CIT(A) erred in upholding the Assessing Officer’s treatment of the…

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