When the lease itself has been held to be only a paper ...

Case Laws Income Tax

February 14, 2015

When the lease itself has been held to be only a paper transaction and a bogus transaction, then income there-from also cannot be accepted. - AO directed to reduce the lease rental income subject to the condition that the assessed income shall not be less than the returned income. - AT

View Source

← Previous Next →

When the lease itself has been held to be only a paper ...

Case Laws Income Tax

February 14, 2015

You may also like:

The bogus transactions are a camouflage and dishonest attempt to avoid tax, resulting in addition to the assessee's income. The AO's approach should be well-considered,...

Revision u/s 263 - unverified URD purchases - All these transactions are interconnected and linked with each other. If any of the transaction is doubted then...

The assessee dealt with a penny stock, and the Assessing Officer (AO) failed to conduct proper inquiry during reassessment proceedings. The Principal Commissioner of...

Estimation of income - bogus purchases - quantification of profit - The Tribunal noted that during investigations, the alleged suppliers were identified as bogus...

The Appellate Tribunal upheld the reopening of assessment u/s 147 due to the assessee providing bogus accommodation loss entries. The AO had reasons to believe in the...

The High Court held that the Assessing Officer (AO) lacked sufficient material or evidence to reopen the assessment u/s 147 for the Assessment Year 2013-14 in respect of...

Income from leasing the hotel was income from business and not income from house property - AT

Understatement of income - treatment of lease transactions as sales transaction - The Income Tax Authorities has not doubted the legal effect of the lease deed (being...

Depreciation on lease assets given to Konkan Railway Corporation Ltd - the transaction in question is finance lease and not operating lease. - no depreciation on asset...

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...

Rental income correctly classified as "income from house property" rather than "income from business" despite composite rent including amenities charges. TDS deducted...

As the transaction of lease and sub lease was proved to be bogus no question of allowance of depreciation arises here - HC

The ITAT Delhi ruled on the correct classification of income from property lease - whether as rental income, business income, or other sources. The lease agreement...

Correct head of income - Income from leasing or letting out the properties in shopping-cum-entertainment Mall - “income from business” or “income from house property” -...

Disallowance of losses suffered by the appellant on genuine share trading and direct expenses incurred. The key points are: The reasoning given by the Assessing Officer...

Quick Updates: