Rental income - annual value determination made by the AO merely ...

Assessing Officer's Rental Income Valuation Disputed: Annual Value Should Reflect Current Market Rates, Not Past Tenant Rent.

February 16, 2019

Case Laws Income Tax HC

Rental income - annual value determination made by the AO merely on the basis of the rent paid by the earlier tenant in the premises - The annual value as available u/s 23 can definitely be assessed on the normal expectation of the rent receivable or received in the relevant previous year.

View Source

← Previous Next →

Rental income - annual value determination made by the AO merely ...

Assessing Officer's Rental Income Valuation Disputed: Annual Value Should Reflect Current Market Rates, Not Past Tenant Rent.

February 16, 2019

Case Laws Income Tax HC

You may also like:

The Income Tax Act did not intend to tax deemed rental income from properties held as stock-in-trade prior to the assessment year 2018-19. Section 23(5), introduced from...

Excess premium charged on issue of shares u/s.56(2)(viib) - The value adopted by the Assessing Officer under net asset value method even though a prescribed method does...

The Income Tax Appellate Tribunal (ITAT) held that when the valuation officer fails to submit the valuation report within a reasonable time, the assessing officer cannot...

The assessee objected to the valuation report prepared by the district valuation officer and the stamp duty rate. The assessing officer referred the matter to the...

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...

Reopening of assessment u/s 147 - difference pointed out by the DVO in his valuation report - There should be a live link between the material coming to the notice of...

Credit of TDS can be granted only when income corresponding to such TDS is assessed to tax in the same financial year. Assessee has the liberty to approach the Assessing...

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...

Valuation of imported goods - Higher values available on contemporaneous imports NIDB/DGOV data on similar good - The valuation of similar goods depends on factors such...

Deduction from Rental income - Disallowance on account of Security Expenses and Gardening Expenses, respectively as part of annual value under Income from House Property...

The assessee purchased agricultural land whose stamp duty valuation was lower than the actual purchase consideration. The authorities sought to invoke section 56(2)(x)...

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...

Deduction claimed u/s 57 against income returned u/s 56 - manner of apportioning assessee's expenses to earning income u/s 56 disputed - Revenue authorities rejecting...

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...

The assessment years beyond six years but not exceeding ten years can be reopened u/s 153A only if the Assessing Officer possesses evidence depicting escapement of...

Quick Updates: