Home Highlights November 2018 Year 2018 This

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1. Nature of income - Assessing u/s 22 of the Act the ALV of the flats/shops held by it as stock-in-trade of its business as that of a developer under the head “House...

2. Reassessment u/s 147 - Classification of head of Income – Income to be assessed under the head of ‘Income from House property’ or ‘Income from the business’ - reopening...

3. Correct head of income - Receipt by way of an option agreement cannot be assessed under the head income from house property. Once said receipt is not assessable under...

4. 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...

5. Commercial expediency - Change of head of income from 'Íncome from business and profession’ to 'Íncome from House property’ - warehousing business on leased land - ...

6. Rectification u/s 154 - Deduction claimed u/s. 80IAB - Wrong classification of income under the head ‘income from house property’, has resulted in wrong claim of...

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. Income from house property - Income received on leasing of land and building - the assessee had correctly shown the said income under the head “income from house...

10. Correct head of income - Business Income or capital gain - assessee decided to sale the agriculture land, due to compulsion, hence assessee cannot be treated as a trader...

11. Income from house property or income from other sources - receipt of compensation for non-occupancy - when any receipt falls under a specific Head, but the same cannot...

12. Correct head of income - income from letting out of warehouses or property to lessees - in cases where the earning of the rental income is the exclusive or predominant...

13. Set off and carry forward of loss under the head ‘income from house property’ - Since the assessee is entitled to claim the entire interest paid during the year on loan...

14. Rental income from the property - income from other sources OR income from house property - By not recording construction expenses in books of account, the rights of...

15. Warehousing rental charges - Nature of income – the rental charges received by the assessee are assessable under the head income from business and not under home property - HC