Treating additional income earned on sale of shops as income u/s. ...

Dispute Over Shop Sale Income Classification u/s 69A: Business Income or Income from Other Sources?

May 17, 2021

Case Laws Income Tax AT

Treating additional income earned on sale of shops as income u/s.69A - whether undisclosed income is “business income” or “income from other sources” - As per the assessee, the amount is net of expenses, therefore the said income would be assessable under the head business income without deducting any expenses from it, however, as noted by us above, that assessee has claimed proportionate expenses, which is not acceptable. - AT

View Source

← Previous Next →

Treating additional income earned on sale of shops as income u/s. ...

Dispute Over Shop Sale Income Classification u/s 69A: Business Income or Income from Other Sources?

May 17, 2021

Case Laws Income Tax AT

You may also like:

Classification of Income - Business income or income from other sources - the purpose of construction of the commercial complex and the sale of shops was done with the...

Income from license fees - income under the head ‘Income from other sources’ OR 'business income' - AT

Whether in real estate business tripartite sale on basis of MOU is business income or income from other source - held as business income - AT

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...

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” -...

Sale of shops/flats - Capital gain v/s business income - There was no intention of the assessee to enter into real estate business. The assessee has also shown sale...

Set off of the brought forward losses against the income from other sources - Ld. CIT (A) has rightly decided that, “although interest income has been shown as income...

Addition u/s. 69A - income surrendered during survey - undisclosed business income or income from other sources - What has been found during survey is excess stock of...

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...

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

Interest income - Correct head of income - income from other sources OR income from business - if interest income earned by the assessee is not incidental to the...

The assessee offered additional income under the head 'Income from other sources' during the course of survey proceedings. The Assessing Officer treated it as income...

Income from hoarding whether income from business or income from other sources - income of Municipal Corporation - taxable as income from other sources and exempt u/s 10(20) - HC

Deposits by the assessee in bank account during demonetization period were not unexplained. Section 69A is inapplicable as there were proper entries for cash sales, cash...

HC set aside ITAT's rectification order under Section 254(2) of Income Tax Act, finding ITAT exceeded its jurisdiction in reviewing income classification. The dispute...

Quick Updates: