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Income Tax - Highlights / Catch Notes

Home Highlights October 2013 Year 2013 This

Reassessment u/s 147 - Classification of head of Income – Income ...

Income Tax

October 5, 2013

Reassessment u/s 147 - Classification of head of Income – Income to be assessed under the head of ‘Income from House property’ or ‘Income from the business’ - reopening confirmed - HC

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  1. Nature of income - Income from warehouse - income from warehouse has to be assessed under the head income from house property not under the head income from business and...

  2. Rental income from unsold flats shown as stock-in-trade in the books - “ should not be assessed under the head “income from business” but under the head “income from...

  3. 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...

  4. Nature of income - Assessing u/s 22 of the Act the ALV of the flats/shops held by it as stock-in-trade of its business as that of a developer under the head “House...

  5. Rental receipts from letting out commercial properties is assessable under the head income from profits & gains of business or profession and not as income from house property - AT

  6. Service charges received by the assessee from tenants - Income from house property or business income - service charges received by the company from the tenants is...

  7. Correct Head of income - rental income from Operating Family Entertainment Center cum Mall and Maintenance Charges - Income from House Property or Profit and Gains from...

  8. Income from house property - the unrealized rent cannot be taken to be taxable in the hands of the assessee under the head "income from house property" when it is not...

  9. Rental income - income/loss from the multiplex is liable to be assessed as ‘business income/loss and not as income from house property. - AT

  10. Receipt of commission income from tenant - income of commission received is to be assessed as business income and not as income from house property - AT

 

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