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Income Tax - Highlights / Catch Notes

Home Highlights May 2017 Year 2017 This

Leased rental received - Income from house property - During the ...

Income Tax

May 22, 2017

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 subsequently the annual rent has been prescribed in clause 3 of the lease deed. Therefore, by any stretch of imagination it cannot be said that the assessee was doing business with the lasee on profit sharing basis. - AT

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  1. Nature of rental income - Income from house property or business income - acquiring and leasing properties - rental/licence fee received by the assessee in respect of...

  2. 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

  3. Renting of immovable property - Assessee is liable to pay service tax in respect of such one time amounts received in respect of lease granted for less than 30 years - AT

  4. 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

  5. Renting of immovable property - lease agreement - levy of service tax on amounts collected by way of premium and rental - developing certain town - prima facie lease...

  6. Income from leasing the hotel was income from business and not income from house property - AT

  7. Income from house property - notional rental income - no efforts were made by the Assessing Officer to determine the monthly rental/rate at which the Leased Property...

  8. Notional rental income vacant/leased properties - in case of the assessee where the property remained vacant then the ALV of such property will be Nil- AT

  9. Input Tax Credit (ITC) - upfront lease premium - The upfront premium made is the lease rentals as per the allotment order/letter of Chennai Port Trusts and it is nothing...

  10. 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...

 

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