Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Forum Articles Highlights TMI Notes SMS News What's New Calendar Imp. Links Database More...
Extracts
Home List
← Previous Next →

Smt Mithravinda Bindu Versus The Income-tax Officer, International Taxation, Bangalore

Computation of annual letting value and vacancy allowance - Held that:- The assessee produced the receipt of the property tax as well as the summary of the property tax due demand in respect of the property at Jubilee Hills, Hyderabad before the CIT(A), but the CIT(A) has not considered the Municipal valuation of the said property while deciding the issue. As it is manifest from the assessment order, the AO accepted the annual letting value based on the Municipal value in respect of the properti .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

al let out value, after considering the property tax payment record filed by the assessee.

Vacancy allowance claimed by the assessee, we note that the assessee never let out the property at Jubilee Hills, Hyderabad. Therefore, the question of remaining the property vacant during the year for the purpose of vacancy allowance does not arise. Accordingly, the claim of the assessee is devoid of any merit, when the assessee never let out the property in question. Hence, the claim of vacanc .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

tion or any structure on the said property purchased by the assessee. We note that the assessee had sold the property vide sale deed dated 2nd December, 2008 and as per the schedule of the property, being part of the sale deed dated 2nd December, 2008 the property is described as ‘House No.”. Therefore, prima facie it appears that what is sold by the assessee is a constructed property. However, it is a matter of verification and examination. Accordingly, this issue is set aside to the record of .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

- Decided in favour of assessee for statistical purpose. - IT(IT)A No.26(Bang) 2014 - Dated:- 22-6-2015 - SHRI ABRAHAM P GEORGE, ACCOUNTANT MEMBER AND SHRI VIJAY PAL RAO, JUDICIAL MEMBER For the Appellant : Shri R.B.Krishna, Advocate For the Respondent : Shri P. Dhivahar, JCIT O R D E R PER SHRI VIJAY PAL RAO, JM This appeal by the assessee is directed against the order dated 26- 03-2014 of CIT(A)-IV, Bangalore for the assessment year 2009-10. The assessee has raised the following grounds; 1. T .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ring this appeal may be allowed. 2. Ground no.1 & 2 are regarding computation of annual letting value and vacancy allowance. The assessee is a Non-resident India and earned income from house property as well as capital gain from the sale of property. During the year under consideration, the two properties one at Chennai and the other at Hyderabad were vacant. Assessee declared the annual let out value of properties at Bangalore at ₹ 30,000/-, whereas the annual letting value of propert .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

r under consideration. The assessee challenged the action of the AO before the CIT(A)and also claim vacation allowance in respect of property at Jubilee Hills, Hyderabad. The CIT(A) has confirmed the action of the AO, while passing the impugned order. 3. Before us, learned counsel for the assessee has submitted that the AO has accepted the Municipal value in respect of other properties but estimated the annual letting value in respect of the property at Jubilee Hills, Hyderabad on the ground tha .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

rabad property of the assessee, the same should be by considering the municipal value of the property. He has further submitted that since the property remains vacant during the year, the assessee is also entitled for vacation allowance. 4. On the other hand, learned DR has submitted that the assessee has not produced any evidence of payment of property tax to show the Municipal value of the property before the AO. Further, the CIT(A) has also not discussed any additional evidence filed by the a .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

was seen from the return of income that the assessee is the owner of the following property and has estimated the annual let out value of the immovable property as under; Property addresses ALV (a) Property at B-3, II Floor, Krishn a garden apartment, Kaval Byrasandra, Bangalore (Coownership with Sri Aravapalli Bindu) 24,000 (b) Property at 1933, 5th Cross, Sarakki, Bangalore (C0- ownership with Sri Aravapalli Bindu) 30,000 (c) Property at No.43,39th Cross, 9th Block, Jayanagar, Bangalore Claime .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

assessee was asked to furnish copies of the returns of assessment of the property submitted to the Municipal/Corporation authorities. The assesee has furnished the copies of the return only in respect of the property at J.P.Nagar and Kaval byrasandra, Bangalore. Hence the assessee s claim relating to these two properties is acceptable keeping in view the judgments relied on by the assessee. However, similar view cannot be taken in respect of the other property at Jubilee Hills, Hyderabad as the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the assessee in respect of the property at Jubilee Hills, Hyderabad was rejected by the AO on the ground that the assessee has not produced the proof of Municipal valuation in respect of the said property. The assessee produced the receipt of the property tax as well as the summary of the property tax due demand in respect of the property at Jubilee Hills, Hyderabad before the CIT(A), but the CIT(A) has not considered the Municipal valuation of the said property while deciding the issue. As it .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

tting value in respect of the property at Jubilee Hills, Hyderabad to the record of the AO to re-do the exercise of computation of annual let out value, after considering the property tax payment record filed by the assessee. 9. As regards the vacancy allowance claimed by the assessee, we note that the assessee never let out the property at Jubilee Hills, Hyderabad. Therefore, the question of remaining the property vacant during the year for the purpose of vacancy allowance does not arise. Accor .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

improvement of ₹ 1,50,000/-lacs for FY: 2003-04 and ₹ 2.00 lacs for FY: 2004-05. The AO disallowed the claim of the assessee on the ground that the assessee failed to discharge its onus to prove the genuineness of the claim, as the assessee has not produced any evidence in support of such expenditure on account of cost of improvement. The CIT(A) had concurred with the findings of the AO. 11. Before us, learned counsel for the assessee has submitted that the assessee has purchased the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e assessee submitted that the assessee has accepted the cost of construction and claimed the same as cost of improvement. The learned counsel has further submitted that the assessee has explained the authorities below and submitted that this expenditure was incurred by the assessee through one Mr.Prabhanjan Rao, whose affidavit has been filed by the assessee in confirmation of the said expenditure. The AO issued summons u/s 131 to Shri prabhanjan Rao, and in response to the notice Mr. Prabhanjan .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

  ↓     Latest Happening     ↓  

Forum: Input tax credit

Forum: Cess paid instead of SGST

Forum: Excise duty credit on finished stock at additional place of business.

Circular: Amendments in Hand Book of Procedures 2015-20 –reg.

News: Cabinet approves Extension of time period of the Scheme "Special Industry Initiative for J&K" (Sll J&K) - Udaan

Highlight: Constitution of National Anti-profiteering Authority (NAA) under GST-reg. - Trade Notice

Highlight: Amendments in Hand Book of Procedures 2015-20 –reg. - Various amendments are made in Chapter-4 of Hand Book of Procedures 2015-2020.

Forum: GST rates on mobile recharge business

Circular: Constitution of National Anti-profiteering Authority (NAA) under GST-reg.

Forum: import purchase

Highlight: Sharing of expenses - BAS - promotion of business of group companies - sharing of expenditure for common facilities cannot be treated as service by one to another in such arrangement.

News: RBI Reference Rate for US $

Forum: 3B mistake

Article: Credit of unsold stock [Section 140(3)] - Actual Credit as well as Notional Credit - Part-I - GST Transitional provisions

Circular: Certain Clarifications sought on Construction Services provided in the Real Estate Sector – reg.

News: Anti-dumping duty on import of bus/truck tyres from China

News: Fast-track GST refund, else ₹ 65K cr may be stuck: Exporters

Highlight: It is open to the Settlement Commission to use best judgment in arrival of the figure. Nonetheless it has to explain the manner in which the best judgment figure has been arrived at by the Settlement Commission - HC

Highlight: Deemed dividend u/s 2(22)(e) - advances given to societies - in the absence of legal right of the assessee in the said society the amount advanced cannot be treated as deemed income.

Highlight: When electrical installations are treated as plant and machinery the depreciation has to be allowed @ 25% as per provisions contained u/s 32

TMI Note: Capital Gain - transfer of right in the land or transfer of land itself - addition u/s 50C - Harassment to the honest tax payers

Highlight: Option to avail composition scheme under GST by electronically filing an intimation in FORM GST CMP-02 and FORM GST ITC-03 upto 30-9-2017 - See Rule 3(3A)

TMI Note: Does ICDS apply for the purposes of computing exemption u/s 11 to 13.

Highlight: Voluntary Reporting of Estimated Current Income and Advance Tax Liability - CBDT issues draft notification

TMI Note: Certain ICDS provisions are inconsistent with judicial precedents. Whether these judicial precedents would prevail over ICDS.

Highlight: Provisions of ICDS shall prevail w.e.f. AY 2017-18 to the transactional issues dealt therein over earlier judicial pronouncements.

Notification: Levy of anti dumping duty on New/unused pneumatic radial tyres with or without tubes and/or flap of rubber (including tubeless tyres) having normal rim dia code above 16 originating in, or exported from China PR

News: Voluntary Reporting of Estimated Current Income and Advance Tax Liability

TMI Note: In case of conflict between ICDS and other specific provisions of the Income-tax rules, 1962 governing taxation of income like rules 9A, 9B etc. of the Rules, which provisions shall prevail.

TMI Note: Does ICDS apply to computation of Minimum Alternate Tax (MAT) u/s 115JB of the Act or Alternate Minimum Tax (AMT) u/s 115JC of the Act.

TMI Note: Where a term has not been defined under ICDS, nor under the Act, but has different interpretations given to it by the courts in tax cases, and in ICAI Accounting Standards, which interpretation would prevail while interpreting ICDS.

TMI Note: Whether the provisions of ICDS apply to a non-resident who claims the benefit of a double taxation avoidance agreement (DTAA).

TMI Note: In case any of the ICDS provisions is contrary to a circular or press release issued by the CBDT, which would prevail over the other.

TMI Note: ICDS-I requires disclosure of significant accounting policies and other ICDS requires specific disclosures. Where is the taxpayer required to make such disclosures specified in ICDS.

Notification: Income Computation and Disclosure Standards (ICDS) - New ICDS to be effective from AY 2017-18

News: RBI Reference Rate for US $

Highlight: GST - Detention of goods under transport - discrepancy in documents - the statutory provisions provide a mechanism for adjudication following detention of goods including for the provisional release thereof pending adjudication - HC

Highlight: Reassessment - first few paragraphs of the assessment order dealt with objections and disposed of accordingly - Unfortunately, the manner in which the AO has decided the issue is wholly unsustainable in law - HC

Highlight: Business expenditure u/s 37 - liquidated damage - breach of contract terms - Expenditure was not incurred for any purpose which is an offence or which is prohibited by law - cannot be disallowed - HC

Highlight: Valuation - inclusion of reimbursement of expenses - managing participation of clients in certain mela, fairs, promotional activities etc. - They are liable to service tax on the gross amount received - They cannot restrict their tax liability to only agency commission

Highlight: TDS liability - ITAT confirmed the liability - We do not see how it is possible for us to uphold the order of the Tribunal and when it purports to decide two Appeals of the Revenue by single paragraph conclusion - HC

Highlight: Reopening of assessment - sufficiency of material available with the AO to form a belief that income chargeable to tax had escaped assessment - bogus purchases - seller refused to respond - notice would not be interfered with - HC

Highlight: Exemption u/s 11 - education activities - transport and hostel facilities surplus cannot be considered as business income of the assessee society

News: Draft Notification for insertion of new rule 39A in the Income-tax Rules, 1962 – comments and suggestions-reg.

Highlight: Genuineness of labour wages expenses, embroidery charges, fabrication expenses etc. - getting work done through small workmen who do not have any permanent place of residence - disallowance of ad hoc expenditure deleted.

Highlight: Project import - Since the goods were never used for the purpose for which it was imported, the actual user condition has been violated - Redemption fine and penalty imposed.

Highlight: Penalty u/s 112 (a) - CHA - Lack of due diligence and failure to take more precautions can not, by itself, bring in penal consequences

Highlight: Import of services - GST - The fact that those services were received outside India will not change the fact that the services have been paid for by the beneficiary appellant, who is located in India. - Demand confirmed.

Notification: SEZ for IT/ITES at Madhurwada Village, Visakhapatnam District in the State of Andhra Pradesh - denotified.

Highlight: Merely because payment is received in Indian rupee, it cannot be said that payment against export has not been received in convertible foreign exchange.



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version