Home Highlights November 2010 Year 2010 This

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1. Renting of immovable property - inherited property - joint owners - demand of service tax on co-owners when the property is jointly owned by them - cannot be treated as...

2. Income from house property - the unrealized rent cannot be taken to be taxable in the hands of the assessee under the head "income from house property" when it is not...

3. IT – the assesse, a lease holder, has exploited the lease rights in the property as an owner – rent is table as Income from house property

4. Income from house property - Vacancy allowance - Tenant stopped payment rent and stopped using the premises but did not handover the possession back to assessee owner - AT

5. Renting of terrace for installation of mobile antenna - taxable as income from House Property - deduction of 30% u/s 24(a) allowed - AT

6. Income From House Property - enhancement of annual let out value - notional interest on deposits - municipal valuation is less than the actual rent received - No addition - AT

7. Nature of income - Income received from Strand Book Stall for providing warehousing, binding, shrink wrapping, supervision charges and mailing charges - taxable as...

8. 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...

9. Nature of amount received as compensation towards rent out property - Mense profit - Mense profit is not revenue receipt but capital in nature - not taxable - AT

10. Small service provider - exemption upto 10 lakhs - Renting out of immovable joint property – Exemption to each owner or jointly - prima facie each owner is eligible for...