Nature of income - Forfeiture of security deposit - termination ...

Income Tax

October 7, 2023

Nature of income - Forfeiture of security deposit - termination of certain lease agreement - from assessee’s point of view, there is no extinguishment of any right. The impugned amount was received as security deposit and a part of the same has been forfeited by the assessee. The security deposit has changed its character upon forfeiture and the same is clearly an income of the assessee - Amount is taxable as Income from House Property - AT

View Source

← Previous Next →

Nature of income - Forfeiture of security deposit - termination ...

Income Tax

October 7, 2023

You may also like:

Claim of deduction u/s 37(1) - Security deposit written off - security wa paid for obtaining shops on lease - the assessee be allowed to claim the loss incurred in...

Revocation of CHA license - forfeiture of security deposit - The forfeiture of entire security deposit is disproportionate, also since there is no specific allegation as...

Receipt of compensation on termination of distributorship agreement is in the nature of revenue receipt - HC

Revenue vs. capital expenditure - hire-purchase v/s agreement of lease - right to purchase to be exercised after expiry of certain period - held as lease transaction /...

Additions u/s 41(1) - Cessation of liability - Freezer Deposit (security deposit) considered as lapsed liability u/s 41(1) - termination of agreement - The exercise is...

Accrual of income - Year in which income is taxable - Receipt of Security Deposit - Addition on account of sale of development rights by the assessee - the fulfillment...

Levy of penalty on Customs Broker - Forfeiture of the security deposit - Role of the employee of the CB - illegal export of prohibited goods - Tribunal held that,...

Revocation of Customs Broker Licence - forfeiture of security deposit - imposition of penalty - non-ascertainment of the premises from which the importer operated and...

Revocation of Customs Broker License - Forfeiture of security deposit - levy of penalty - mis-declaration on part of the Exporter - violation of the provisions of...

Revocation of CHA License - Fraudulent exports under claim of export incentives - forfeiture of security deposit - Failure to obtain an authorization from his client -...

The amount is refundable in case of termination of the ownership agreement and if no such termination has taken place till date, the amount would not be refunded. As...

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

Correct head of income - Income from leasing or letting out the properties in shopping-cum-entertainment Mall - “income from business” or “income from house property” -...

Security deposit for lease - The character of the amount once shown as a capital nature will remained so even same was forgone due to dispute - cannot be treated as...

Correct head of income - the major source of income for the assessee is rental income. The assessee obtained long-term lease of the property and sub-leased the same in a...

Quick Updates: