Rectification of mistake u/s 154 - Withdrawal of deduction u/s ...

Section 154: Withdrawal of Deduction u/s 32AB Affects Lease Rental Taxation, Cannot Occur Simultaneously.

September 20, 2013

Case Laws Income Tax AT

Rectification of mistake u/s 154 - Withdrawal of deduction u/s 32AB has a direct consequence on the non- earning of lease rental – Thus, withdrawal of deduction u/s 32AB and taxation of lease rental cannot be taxed together - AT

View Source

← Previous Next →

Rectification of mistake u/s 154 - Withdrawal of deduction u/s ...

Section 154: Withdrawal of Deduction u/s 32AB Affects Lease Rental Taxation, Cannot Occur Simultaneously.

September 20, 2013

Case Laws Income Tax AT

You may also like:

Deduction u/s. 32AB - rental income - The court analyzes the definition of "eligible business or profession" under Section 32AB(2)(i) and determines that it encompasses...

ITAT upheld CIT(A)'s decision allowing deduction of Finance Lease Rental Payments under section 37(1) as revenue expenditure. Revenue's appeal challenging depreciation...

Computation of depreciation while computing deduction under Section 32AB - HC

Additions u/s 30 - deduction of Lease Equalization Charges - type of lease undertaken- scope of accounting standards - AO noticed that, assessee has created Rent...

Input Tax Credit (ITC) - upfront lease premium - The upfront premium made is the lease rentals as per the allotment order/letter of Chennai Port Trusts and it is nothing...

Accrual of income - with the Assessee not having claimed the benefit of Section 32AB of the Act, the question of treating lease rental as income on accrual basis did...

Rectification u/s 154 - Deduction claimed u/s. 80IAB - Wrong classification of income under the head ‘income from house property’, has resulted in wrong claim of...

Admission of Section 9 application filed by Operational Creditor - time limitation - Section 10A of IBC - The Tribunal found that apart from the lease rental of April...

The assessee as per the development agreement got some flats from the developer and rented (let out) them to earn the rental income and the same rental income is being...

Withdrawal of deduction u/s 80IC on transport charges & transport subsidy - whether a mistake apparent from record in terms of section 154 - It is a highly debatable...

Rectification u/s 154 - taxation of salary income earned in USA - The appeal before the Appellate Tribunal involved various issues related to the taxation of income...

Disallowance of deduction u/s 80P - Addition in respect of rental income earned and Income from sale of crackers - The Tribunal held that the deduction u/s 80P is...

Lease equalization charge claimed as a deduction from gross lease rentals received - the assessee is entitled for bifurcation of lease rental as per the accounting...

Entitled to deduction of lease equalization charge - There is no force in the contentions of the Revenue that the accounting standards prescribed by the Guidance Note...

Deduction of lease rentals for the equipment - lease rentals agreed between the parties were so crafted that they substantially cover present fair value of equipment -...

Quick Updates: