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Income Tax - Highlights / Catch Notes

Home Highlights September 2015 Year 2015 This

Rental income - earlier assessee was showing the income as house ...

Income Tax

September 19, 2015

Rental income - earlier assessee was showing the income as house property income - this year the income was shown as business income - claim of deduction of amount paid to tenant for vacating the property allowed - HC

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  1. Rental income from unsold flats shown as stock-in-trade in the books - “ should not be assessed under the head “income from business” but under the head “income from...

  2. 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...

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

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

  5. Brought forward and Setoff of business expenditure and business loss against “Income from House Property“ when business has already closed in earlier year - Section 71 -...

  6. 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...

  7. Rental receipts from letting out commercial properties is assessable under the head income from profits & gains of business or profession and not as income from house property - AT

  8. Income from house property - deemed rental income of the property, which remained vacant during the year - assessee as confronted that house was very old and partly...

  9. Correct Head of income - rental income from Operating Family Entertainment Center cum Mall and Maintenance Charges - Income from House Property or Profit and Gains from...

  10. Rental income - income/loss from the multiplex is liable to be assessed as ‘business income/loss and not as income from house property. - AT

 

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