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Income Tax - Highlights / Catch Notes

Home Highlights June 2020 Year 2020 This

Computation of lease rental - addition of notional rent on the ...

Income Tax

June 15, 2020

Computation of lease rental - addition of notional rent on the plant and machinery leased to sister concerns - this is not the case of the AO that higher amount of lease rental was received by the assessee or it has accrued to the assessee - Additions deleted.

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  1. During the period of dispute, the renting of plant & machinery by the appellant under lease agreement/licence agreement was not taxable as Banking and Financial Services - AT

  2. 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

  3. 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...

  4. Dis allowance of lease rental paid to the Trust - Enhancement of lease rent allowed as revenue expenditure - - HC

  5. 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...

  6. 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...

  7. Depreciation on leased asset - in case the said lease rent is assessed under the head ‘income from other sources, then assessee is eligible for depreciation u/s 57(ii) - AT

  8. 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

  9. Depreciation on leased asset - Solar Generating System – Once, lease rentals are accepted by the revenue, there is no reason to disallow the depreciation - AT

  10. Sale and lease back transactions, no deduction of lease rental be allowed as sale of asset is paper transaction only – ITAT order reversed

 

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