Revision u/s 263 by CIT - It is thus clear that the claim of the ...

Income Tax Commissioner Revises AO's Error on Rental Income Classification u/s 263; Business vs. House Property Income.

March 9, 2023

Case Laws Income Tax AT

Revision u/s 263 by CIT - It is thus clear that the claim of the assessee for rental income from commercial complex and tower shown as business income instead of house property was allowed by AO without making necessary enquiry which was called for in the facts and circumstances of the case and there was an error in the order passed by the assessing officer u/s 143(3) - AT

View Source

← Previous Next →

Revision u/s 263 by CIT - It is thus clear that the claim of the ...

Income Tax Commissioner Revises AO's Error on Rental Income Classification u/s 263; Business vs. House Property Income.

March 9, 2023

Case Laws Income Tax AT

You may also like:

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...

Revision u/s 263 by CIT - rental income which had been shown as “Income from Business & Profession” rather than showing the same as “Income from House Property” - once...

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...

Rental Income - Business Income vs Income from House Property - rental income received from Ms. Rekha Jalan (director) has to be treated as business income and rental...

Rental income correctly classified as "income from house property" rather than "income from business" despite composite rent including amenities charges. TDS deducted...

Rectification u/s 154 - Deduction claimed u/s. 80IAB - Wrong classification of income under the head ‘income from house property’, has resulted in wrong claim of...

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...

Assessee computed rental income from factory premises under both "income from house property" and business income incorrectly. ITAT held rental income should be...

Revision u/s 263 - whether rental income of House property is assessable under the head “Income from House Property” or under the head “Income from business or...

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

Revision u/s 263 - Correct head of income - rental income from letting out of the shop - The assessee was not finding the buyer to sell the property which were kept as...

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

Nature of rental income - Income from house property or business income - acquiring and leasing properties - rental/licence fee received by the assessee in respect of...

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 -...

The ITAT held that the AO committed an error prejudicial to the Revenue's interest by failing to tax the notional annual letting value of the assessee company's unsold...

Quick Updates: