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Income Tax - Highlights / Catch Notes

Home Highlights April 2015 Year 2015 This

Bifurcation of income - Rental income - Merely because the ...

Income Tax

April 27, 2015

Bifurcation of income - Rental income - Merely because the document is styled as lease deed and building is involved. Therefore, the authorities were not justified in bifurcating the rental income and the business income. - HC

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  1. Disallowance of Lease Deed Registration Charges - registration charge for a leased property - Merely because Joint venture partners decides about who puts in money in J...

  2. Computation of income from house property - the land does not belong to the assessee and the superstructure belongs to the assessee. - for computing the annual rental...

  3. Leased rental received - Income from house property - During the first year of lease he has agreed to receive the 60% profit of the business as annual rental income but...

  4. Lease equalization charge claimed as a deduction from gross lease rentals received - the assessee is entitled for bifurcation of lease rental as per the accounting...

  5. Entitled to deduction of lease equalization charge - There is no force in the contentions of the Revenue that the accounting standards prescribed by the Guidance Note...

  6. Claim of deduction - lease equalization charge - After referring to the Guidance Note on Accounting for Leases, revised in the year 1995, Supreme Court held that method...

  7. Oppression and Mismanagement - Validity of the Lease Deed - Doctrine of Res Sub-Judice - Appellants argued that the Tribunal overstepped its jurisdiction by setting...

  8. Depreciation in respect of electrical installations, elevators, DG sets installed in the building, which have been let-out by the assessee, which is receiving rental...

  9. Incomes received from leasing out of hotels - exploitation of a commercial asset - lease rental received by the assessee is to be taxed under the head "Income from business" - AT

  10. Depreciation on leased asset - Solar Generating System – Once, lease rentals are accepted by the revenue, there is no reason to disallow the depreciation - AT

 

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