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2014 (1) TMI 82 - ITAT MUMBAIDisallowance of bad debts - Held that:- Following CIT Vs. Shreyas S. Morakhia [2012 (3) TMI 103 - BOMBAY HIGH COURT] - The commission income from clients which has been taxed in the hands of the assessee as business income, the debt or part thereof fulfils the requirements of s. 36(1)(vii) r.w.s. 36(2). Decided in favour of assessee. Notional income from house property - Held that:- The flats have been held as 'stock in trade' - Following Tuticorin Alkali Chemicals & Fertilizers Ltd. vs. CIT [1997 (7) TMI 4 - SUPREME Court] - The treatment in the books of accounts, cannot be the sole basis for arriving at a conclusion - Following CIT vs. Neha Builders Pvt. Ltd. [2006 (8) TMI 105 - GUJARAT HIGH COURT] - If property is used as stock-in-trade, then said property would become or partake character of stock and any income derived from stock would be 'income from business' and not 'income from property' - The authorities below are not justified in adding the notional rent computed in respect of the properties under the head 'income from house property' - Decided in favour of assessee.
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