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Income Tax - Highlights / Catch Notes

Home Highlights April 2015 Year 2015 This

Revision u/s 263 - income received towards furnitures and ...

Income Tax

April 13, 2015

Revision u/s 263 - income received towards furnitures and fixtures has to be treated as income from house property only as is the case with the rental income from letting out of the premises and cannot be treated as business income. - AT

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  1. 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...

  2. Income from house property - contributions of the tenants of the property towards sinking fund cannot be assessed as rental income of the assessee. - AT

  3. 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...

  4. Depreciation on the furniture and fixture against the rental income of movable assets - In case of contract, parties to the agreement make law for themselves to which...

  5. Nature of Lease Rent Received - Income from business or house property or other sources - Lease agreements - furnishing of floors of the building given on rent -...

  6. Deduction u/s. 24(a) equal to 30% - Rental income from fixture, fittings and amenities - separate agreements for let out of the property and for providing amenities -...

  7. 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...

  8. Penalty u/s 271(1)(c) - claim of depreciation @100% instead of 15% - Temporary Wooden structures like interiors, glow signs etc. being Furniture & Fixture - Levy of...

  9. Income from house property - Rental income inclusive of service tax - whether should be deducted from the gross rental receipts? - Held Yes - AT

  10. Depreciation on paintings which were part of furniture and fixtures - either hung in the office or given to the producer for the original shoots, or used in various...

 

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