Correct head of Income - as the appellant-assessee did not carry ...

Tax Authorities Reclassify Assessee's Income: Not Business Income Due to Lack of Regular Business Activities, Rule 123.

October 24, 2019

Case Laws Income Tax HC

Correct head of Income - as the appellant-assessee did not carry out any systematic, recurring and in organised manner, any business activity nor there was any volume, frequency, continuity and regularity of transactions, and only one person was employed by him for the management and look after of the leased property, the taxing authorities had rightly held the receipts to be income from house property and income from other sources and not business income.

View Source

← Previous Next →

Correct head of Income - as the appellant-assessee did not carry ...

Tax Authorities Reclassify Assessee's Income: Not Business Income Due to Lack of Regular Business Activities, Rule 123.

October 24, 2019

Case Laws Income Tax HC

You may also like:

Excess stock found during survey in assessee's business premises led to surrendered income. Assessing Officer accepted return figures but applied higher tax rate u/s...

Penalty u/s.271AAB - Belated filing of regular return after search - Penalty cannot be levied u/s.271AAB of the Act, in respect of income disclosed in regular return of...

Additional income offered on account of excess stock during the course of survey - business income of the assessee OR income from other sources liable to be taxed at a...

The provisions of the IBC 2016 would prevail over the Income Tax Act 1961. Income Tax authorities have limited jurisdiction to assess/determine the quantum of Income Tax...

The ITAT held that the Central Board of Direct Taxes (CBDT) circulars are binding on the Income Tax Authorities. The Board for Industrial and Financial Reconstruction...

ITAT determined that excess stock discovered during survey, though surrendered by assessee, cannot be taxed under Section 69B read with Section 115BBE. The undeclared...

The assessee failed to file the original return of income, and the Assessing Officer initiated penalty proceedings for underreporting income. The assessee's authorized...

The appellant trust claimed to be formed for public charitable activities and registered under the Rajasthan Public Trust Act 1959, regularly filing its income tax...

Income assessed in hands of Appellant as Representative Assessee. No credit for prepaid taxes availed by beneficiaries. JCIT(A) directed AO to verify claim of prepaid...

Rectification proceedings u/s. 154 - Unexplained investment addition u/s 69 - The case involved the treatment of surrendered undisclosed income under the head of...

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...

Income tax liability of employees - Remission of income tax liability borne on behalf of the employees - it is also possible that earlier years the assessee has not...

Set off of brought forward business loss against income from other sources - As provision of section 72 are very clear that brought forward business loss can only be set...

Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

Characterization of receipts - Treatment of interest income from staff loans and advances, interest income from other loans and advances and miscellaneous income -...

Quick Updates: