Assessment of Income from House Property - ALV determination - ...

Tribunal Upholds Income Tax Order, Directs Use of Municipal Value for Property Valuation in Chennai.

February 27, 2024

Case Laws Income Tax AT

Assessment of Income from House Property - ALV determination - The Tribunal dismissed the assessee's appeal and upheld the ITD's order. The Tribunal directed the Assessing Officer to adopt the municipal value adopted by the Chennai Corporation for determining the annual letting value of the property.

View Source

← Previous Next →

Assessment of Income from House Property - ALV determination - ...

Tribunal Upholds Income Tax Order, Directs Use of Municipal Value for Property Valuation in Chennai.

February 27, 2024

Case Laws Income Tax AT

You may also like:

The assessee, a company engaged in development/construction and sale of flats and plots, had classified its properties into four categories: flats open for sale, let-out...

Municipal property tax reimbursements by lessee/occupier are subject to GST as part of the taxable value of supply under Sec 15 of GST Act. AAR ruled that municipal...

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...

Valuation of Rental Income - GST - Deduction of property taxes and other statutory levies - treatment of notional interest on the security deposit - All taxes levied...

Mis-declaration of quantity - Assorted spectacle - The Tribunal acknowledged the misdeclaration of quantity, confirming that the actual quantity exceeded the declared...

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...

Rejection of declared transaction value under Valuation Rule 12, re-determination of value under Valuation Rules 4-9. Commissioner followed Rule 9, adopted actual values...

Addition u/s 56(2)(viib) - Method of Valuation - share premium receipts - The Tribunal noted that the appellant had obtained a valuation report from a registered valuer,...

The Appellate Tribunal considered two main issues: 1. Addition u/s 37(1) - Assessee incurred business loss due to default in property payment, allowed as revenue loss. 2....

Assessment u/s 153A - computation of income from house property. Additions proposed relate to unabated assessment years from 2013-14 onwards where no incriminating...

Income from other sources u/s 56 (2) (x) - purchased the property - difference between the valuation adopted by the district valuation officer and actual consideration -...

Income from house property - consider the Ambey Valley property as self-occupied property - determination of annual value - CIT(A) has upheld that the 7% of cost of...

Income from house property - Deduction u/s 23(1) - Annual mixed use charges paid by the assessee to Municipal Corporation - The said charges is in the nature of...

Income From House Property - enhancement of annual let out value - notional interest on deposits - municipal valuation is less than the actual rent received - No addition - AT

The Income Tax Appellate Tribunal upheld the Assessing Officer's invocation of Section 56(2)(viib) read with Rule 11UA for determining the fair market value of unquoted...

Quick Updates: