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Income Tax - Highlights / Catch Notes

Home Highlights November 2016 Year 2016 This

Exemption u/s 11 & 12 - whether transaction with the caterer was ...

Income Tax

November 24, 2016

Exemption u/s 11 & 12 - whether transaction with the caterer was in substance a mere passive letting of property, which could in no way be regarded as a business? - it is an activity undertaken to enable it to carry out its charitable activities in an effective manner. - AT

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  1. Exemption u/s 11 - Trust - it was alleged that the principle activity of the assessee trust was letting out the auditorium with clear profit motive - allegation has not...

  2. Addition of notional Annual Letting Value on closing stock of flats / spaces - The intention of the lawmakers was that occupation of one’s own property, in the course of...

  3. Annual letting value of unsold flats - The intention of the lawmakers was that occupation of one’s own property, in the course of business, and for the purpose of...

  4. Nature of income - rental income from letting out of some adjoining shops by the assessee company to one person - An independent let out of property could be possibly...

  5. 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

  6. Capital Gains - transfer by mere agreement - the transfer of the above stated property took place only in AY 2011-12, when assessee has declared the capital gain...

  7. Denial of exemption u/s 11 & 12 - ‘Charitable Purpose’ as defined u/s. 2(15) - The mere fact that certain fee was charged by the assessee while rendering certain...

  8. The income from letting out and operation of the property to be treated as “income from business” and expenditure and other claims to be allowed in accordance with the law - AT

  9. Waiver of pre-deposit - Passive Telecom Infra Services - Services is more appropriately classifiable under Business Support Service where the present demand is in the...

  10. Deduction u/s 80IA - Rental income - letting out of Industrial park buildings - Income from House Property or of business income - AT

 

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