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Income Tax - Highlights / Catch Notes

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Correct head of income - lease income received by the assessee - ...

Income Tax

October 13, 2021

Correct head of income - lease income received by the assessee - the income earned by the assessee by constructing the shopping mall and letting out the same by providing various facilities are amounting to business activity of the assessee and the income earned out of such an activity has to be treated as a business income - AT

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  2. Correct head of income - Income from leasing or letting out the properties in shopping-cum-entertainment Mall - “income from business” or “income from house property” -...

  3. Mall upkeep and promotional fees received by the assessee - amount of maintenance charges received were business receipts assessable under the head 'business income'.... - HC

  4. 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...

  5. Treatment of property lease income as income under the head “Profits and Gains of Business or Profession” - the nature of business of the assessee as “Operation of Mall’...

  6. Income received by the assessee for letting out of Malls is assessable under the head “Income from profits and gains of business or profession” - Income received from...

  7. 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

  8. Taxability of rental receipt - developing the shopping mall and let out the same by providing a variety of services, facilities and amenities in the mall is not just...

  9. Rent received - whether the letting is a composite or inseparable letting - Income to be taxed under the head Income from other sources - HC

  10. Treatment of income earned from sub-letting of business service center – AO directed to treat the impugned receipts in both the assessment years under the head business income - AT

 

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