Rental income earned by assessee should be assessed as income ...

Rental income rightfully taxed as house property income, not business income, unless substantial additional services provided.

Case Laws Income Tax

August 23, 2024

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 earned in organized manner or additional facilities provided apart from renting property. Service charges collected were statutory requirement. In previous years, rental income was accepted as house property income. Principle of consistency applies. AO's finding that rental income is business income vacated. AO directed to treat rental income as income from house property and determine taxable income accordingly. Assessee's appeal allowed.

View Source

← Previous Next →

Rental income earned by assessee should be assessed as income ...

Rental income rightfully taxed as house property income, not business income, unless substantial additional services provided.

Case Laws Income Tax

August 23, 2024

You may also like:

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...

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...

Correct head of income - Characterization of income - rental income as 'business income' or 'income from house property' - there is no doubt that assessee has object of...

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...

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...

The Income Tax Act did not intend to tax deemed rental income from properties held as stock-in-trade prior to the assessment year 2018-19. Section 23(5), introduced from...

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...

Rental income of letting out property simplicitor was chargeable to tax under the head income from house property and not as business income irrespective of the fact...

The High Court examined various issues concerning the calculation of deduction u/s 80IC, eligibility for the deduction, disallowance of royalty payments, and treatment...

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...

Correct head of income - taxability of rental income - the assessee is owner and thereby receives any income from house property, it should be taxed under the head...

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

Correct head of income - income from letting out of warehouses or property to lessees - in cases where the earning of the rental income is the exclusive or predominant...

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...

Rental income from the property - income from other sources OR income from house property - By not recording construction expenses in books of account, the rights of...

Quick Updates: