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2018 (6) TMI 810 - CESTAT NEW DELHIRenting of immovable property - joint ownership - SSI exemption - Clubbing of clearances - threshold limit of ₹ 10 lakhs under SSI exemption N/N. 8/2008 dated 01/03/2008 in each case - Held that:- The ownership title of the property which is on lease with M/s ICICI Bank Ltd. is individually in the name of the four appellants who has entered into a joint lease agreement with the tenant namely M/s ICICI Bank Ltd. and the amount of rent on monthly basis has also been received by them separately and individually - As per the Income Tax Act all the four appellants who are recipient of the rent proceeds have to show their income in the individual name and has to pay rent under the Income Tax Act, 1962 accordingly. The SSI exemption N/N. 8/2008 dated 01/03/2008 (previously 6/2005 dated 01/03/2005) shall be available for individual owner of the above property for considering the taxable value of the service received by the individual owners - clubbing of value of service (rent in this case) of all the four individual co-owners of property is legally not sustainable - appeal allowed - decided in favor of appellant.
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