Home Highlights June 2015 Year 2015 This

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1. Nature of income - income from renting a properties in Mall - Income from house property or busniss income - the income from renting a properties in Mall to be taxed as...

2. 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...

3. Determination of Income from house property - Suppression of rental income - We could appreciate the case of the AO, if he has made reference to the rent deed of...

4. Rent received by a person not the owner, taxable as house property income – High Court

5. 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...

6. Correct head of income - Characterization of income - rental income as 'business income' or 'income from house property' - there is no doubt that assessee has object of...

7. Income from house property - ALV u/s 23(1)(a) - In determining the reasonable rent, several factors have to be taken into consideration, such as, location of the...

8. Income from house property - it is quite clear that the Municipal Ratable Value of the property is lower than the actual rent received by the assessee and in fact the...

9. Income assessable under the head ‘Income from House Property’ - The adoption of an enhanced rate does not breach the theory of real income inas- much as what the law...

10. The High Court examined various issues concerning the calculation of deduction u/s 80IC, eligibility for the deduction, disallowance of royalty payments, and treatment...

11. Income from house property - the unrealized rent cannot be taken to be taxable in the hands of the assessee under the head "income from house property" when it is not...

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

13. Chargeability of notional interest on deposits under Income from House Property - ALV determination - CIT(A) has rightly concluded that estimation of ALV on the basis of...

14. 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...

15. Income from house property - annual letting value of unsold flats - Estimating rental income by the AO for these three flats as income from house property was not...