Disallowance on account of depreciation and interest on vehicles ...

AO to Assess Rental Income of Vehicles for Potential Loss Offsetting Against Property Income; Fair Hearing Required.

November 22, 2021

Case Laws Income Tax AT

Disallowance on account of depreciation and interest on vehicles - The AO may find out what is the rental income of Toyota Innova and Tata Canter in other cases to ascertain as to whether the assessee is deliberately entering into an agreement with a concern just to incur losses so as to set off the same from income from house property. The AO shall decide the issue as per fact and law and after giving due opportunity of being heard to the assessee. - AT

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Disallowance on account of depreciation and interest on vehicles ...

AO to Assess Rental Income of Vehicles for Potential Loss Offsetting Against Property Income; Fair Hearing Required.

November 22, 2021

Case Laws Income Tax AT

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