Home Highlights November 2013 Year 2013 This

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1. Bad debts u/s 36(1) - Diversion of income by overriding title - assessee claimed that since land was mortgaged to the bank for loan to HPGPL and the bank has adjusted...

2. Profit sharing agreement - Diversion of income by overriding title or mere application of income - the assessee has been obligated by virtue of the agreement to divert...

3. 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...

4. 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...

5. Long Term Capital Gain - sale of property - diversion of income due to overriding title - whether the sale of the property has been made directly by the SBI and the sale...

6. 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...

7. Taxability of capital gain - Diversion of income - mortgage by deposit of title deeds, the mortgagee, Bank does not acquire title, much less overriding title to the...

8. 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...

9. 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...

10. 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...

11. 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...

12. 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...

13. 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...

14. The assessee as per the development agreement got some flats from the developer and rented (let out) them to earn the rental income and the same rental income is being...

15. 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...