Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights August 2023 Year 2023 This

Estimation of notional rent - assessee had unsold closing stock ...

Case Laws     Income Tax

August 30, 2023

Estimation of notional rent - assessee had unsold closing stock which was kept vacant during the current Assessment Year - AO directed to estimate the rent on the basis of municipal ratable value for computing the notional rent. - AT

View Source

 


 

You may also like:

  1. Estimation of income from the unsold vacant units as income on notional basis - The flats not sold was its stock-in-trade and income arising on its sale is liable to be...

  2. Valuation of closing stock - There is no any purchase by the assessee during the year, and the sale made by the assessee is out of opening stock only. In the closing...

  3. Notional rental income on commercial property u/s 23(1)(a) - notional rental income on unsold stock u/s 23(1)(a) - There being impossibility of renting out the property,...

  4. Income from house property - Deemed let out value of the closing stock - the unsold flats which are stock in trade when they were sold they are assessable under the head...

  5. Addition on account of notional rent in respect of vacant property of the assessee - the property was available for rent but was lying vacant for the entire year - after...

  6. Addition on account of house rent - Income from house property - The AO failed to appreciate such estimation of annual letable value as per provision of Section 23(1...

  7. Under valuation of closing stock of rice - improper maintenance of stock register by the assessee-firm - the method of valuation was adopted by the Ld. AO in closing...

  8. Addition on valuation of closing stock - excise duty on closing stock of its finished goods - exclusive VS inclusive method - although the method of valuation of stock...

  9. Addition made on account of deemed rent - unsold units (Flats) in the hands of builder at the year end - property is used as stock-in-trade - the deemed rent concept...

  10. Income from House Property - Addition of deemed ALV of vacant flats which are lying in the stock in trade of the assessee’s books of account - even in the case of unsold...

  11. Income from house property - Deemed rental income - vacant property - The word receivable refers to the payment not being realised. The use of word “receivable” in...

  12. Undervaluation of closing stock - CENVAT benefit was not available to the assessee therefore enhancement in the value of closing stock on account of CENVAT was not warranted - AT

  13. Addition made on account of undervaluation of closing stock - cost of job work charges have not been included - thus the closing stock of the assessee company is suppressed - AT

  14. Penalty levied u/s 271(1)(c) - undervalued its closing stock - in the subsequent year, the assessee has shown less amount of opening stock which will lead in the...

  15. Addition on account of notional rent u/s.23 - whether or not the ALV of the properties held by the assessee as stock-in-trade of its business as that a real estate...

 

Quick Updates:Latest Updates