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Income Tax - Highlights / Catch Notes

Home Highlights February 2014 Year 2014 This

Reopening of Assessment - Inclusion of Rental income – ...

Case Laws     Income Tax

February 17, 2014

Reopening of Assessment - Inclusion of Rental income – Sub-letting of property - Assessability of notional income on account of self-occupancy - The dispute has a long and chequered history spanning over half a century - revenue appeal dismissed - AT

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  2. Correct head of income - income from letting out of warehouses or property to lessees - in cases where the earning of the rental income is the exclusive or predominant...

  3. Correct head of income - taxability of rental income - the assessee is owner and thereby receives any income from house property, it should be taxed under the head...

  4. The High Court held that rent income derived from letting out properties by the assessee should be treated as 'Income from Profits and Gains of Business' and not 'Income...

  5. Rental income of letting out property simplicitor was chargeable to tax under the head income from house property and not as business income irrespective of the fact...

  6. Rental income earned by assessee should be assessed as income from house property, not business income. AO failed to highlight aspects indicating rental income was...

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  8. Revision u/s 263 - Classification of rental income - House property v/s business income - The Appellate Tribunal observed that the Assessee is primarily engaged in...

  9. Nature of income earned by the assessee from letting out of property - undoubtedly the main objects of the assessee company provides to carrying on the business of...

  10. Income from house property - notional rental income - no efforts were made by the Assessing Officer to determine the monthly rental/rate at which the Leased Property...

  11. Correct head of income - the major source of income for the assessee is rental income. The assessee obtained long-term lease of the property and sub-leased the same in a...

  12. Revision u/s 263 by CIT - rental income which had been shown as “Income from Business & Profession” rather than showing the same as “Income from House Property” - once...

  13. Reopening of assessment u/s 147 - Assessment of trust - There is a direct live link between the rental income received by the trust and the income shown by the...

  14. Rental income from letting out of properties - Letting out of property is the main objective of the company - assessee rightly disclosed the income under the Head...

  15. Rental income from the property - income from other sources OR income from house property - By not recording construction expenses in books of account, the rights of...

 

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