When the lease itself has been held to be only a paper ...

Income Tax

February 14, 2015

When the lease itself has been held to be only a paper transaction and a bogus transaction, then income there-from also cannot be accepted. - AO directed to reduce the lease rental income subject to the condition that the assessed income shall not be less than the returned income. - AT

View Source

← Previous Next →

When the lease itself has been held to be only a paper ...

Income Tax

February 14, 2015

You may also like:

Revision u/s 263 - unverified URD purchases - All these transactions are interconnected and linked with each other. If any of the transaction is doubted then...

Estimation of income - bogus purchases - quantification of profit - The Tribunal noted that during investigations, the alleged suppliers were identified as bogus...

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

Depreciation on lease assets given to Konkan Railway Corporation Ltd - the transaction in question is finance lease and not operating lease. - no depreciation on asset...

Understatement of income - treatment of lease transactions as sales transaction - The Income Tax Authorities has not doubted the legal effect of the lease deed (being...

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” -...

As the transaction of lease and sub lease was proved to be bogus no question of allowance of depreciation arises here - HC

Agricultural income - When all the documents have been brought on record by the assessee during assessment proceedings but not examined by the AO assessee cannot put...

Deduction u/s 57 while computing interest income - AO / CIT(A) had allowed deduction by restricting the of cost of funds to the extent of 15% on ad-hoc basis of the...

Undisclosed income of the assessee - bogus sale of agricultural produce - preponderance of probability theory - The Tribunal noted that the AO had not properly...

Classification of transaction - sale or Lease Transaction - tripartite agreement - aforesaid transaction is sale of Empty Gas Cylinders (EGC) is inter State Sale...

Bogus transaction in the scrip - bogus LTCG - Onus to prove - Income generated by the assessee cannot be held bogus only on the basis of the modus operandi,...

Bogus purchases - accommodation entry - at best it would be a case that purchases have been made from one party in grey market and bills have been obtained from another...

Bogus LTCG on shares - Addition u/s 68 - Transactions in Shares - For making an addition holding that transaction are bogus, the LD AO should have made inquiries on the...

Addition u/s 68 as accommodation entries - long term capital gain on sale of shares as sham/bogus transaction - Mere suspicion cannot be a ground for treating the...

Quick Updates: