Correct head of income - Lease rent received - to be treated as ...

Court Rules Lease Rent as Income from Other Sources, Not Business Income, Due to Lack of Commercial Exploitation Efforts.

November 18, 2021

Case Laws Income Tax HC

Correct head of income - Lease rent received - to be treated as business income or as income from other sources - There was no attempt to exploit the commercial assets of the company and instead the assessee merely renewed rental arrangement and received rent as a passive receipt. - the rental income received by the assessee from ATL ought to be treated as income under the head “income from other sources”. - HC

View Source

← Previous Next →

Correct head of income - Lease rent received - to be treated as ...

Court Rules Lease Rent as Income from Other Sources, Not Business Income, Due to Lack of Commercial Exploitation Efforts.

November 18, 2021

Case Laws Income Tax HC

You may also like:

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...

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...

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” -...

Correct head of income - nature of receipt from lease/ rent - the assessee employed commercial assets to earn income. Unless and until the income is treated as business...

Correct head of income - lease rent received by the assessee - Business of assessee taken over by the another Company as was running as JV - assessed under the head...

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

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

Lease rent - Business income OR income from house property - It is not a case that the assessee had to let out the hotel building for a temporary period due to some...

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...

Disallowance of prior period expenses pertaining to expenditure crystallized or details received after completion of earlier years' audits. Genuineness not doubted,...

The case pertains to the correct head of income for rental income receipts, whether assessable under 'Income From House Property' or 'Income from Business'. The key...

Nature of Lease Rent Received - Income from business or house property or other sources - Lease agreements - furnishing of floors of the building given on rent -...

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...

Incomes received from leasing out of hotels - exploitation of a commercial asset - lease rental received by the assessee is to be taxed under the head "Income from business" - AT

Depreciation on leased asset - in case the said lease rent is assessed under the head ‘income from other sources, then assessee is eligible for depreciation u/s 57(ii) - AT

Quick Updates: