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Income Tax - Highlights / Catch Notes

Home Highlights March 2024 Year 2024 This

Revision u/s 263 - Deemed rental value - income from house ...

Income Tax

March 16, 2024

Revision u/s 263 - Deemed rental value - income from house property - applicability of provisions u/sec. 23(5) - The ITAT found that the Pr.CIT's order was justified in directing a fresh assessment concerning the determination of deemed rental value under section 23(5) of the Act, thus upholding the jurisdiction under section 263 for this matter.

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  1. 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...

  2. Income from house property - deemed rental income of the property, which remained vacant during the year - assessee as confronted that house was very old and partly...

  3. Income from house property - Rental income inclusive of service tax - whether should be deducted from the gross rental receipts? - Held Yes - AT

  4. Revision u/s 263 - Classification of rental income - House property v/s business income - The Appellate Tribunal observed that the Assessee is primarily engaged in...

  5. Revision u/s 263 - whether rental income of House property is assessable under the head “Income from House Property” or under the head “Income from business or...

  6. Income from house property - contributions of the tenants of the property towards sinking fund cannot be assessed as rental income of the assessee. - AT

  7. Rental receipts from letting out commercial properties is assessable under the head income from profits & gains of business or profession and not as income from house property - AT

  8. Revision u/s 263 - Claim of interest against rental income - Proof of availing loan for acquisition or construction of property - the proviso contained in section 24(b)...

  9. Annual value determination - Estimating the value of the house property - assessee should be granted vacancy allowance.

  10. Revision u/s 263 - Explanation 2 to section 263 (Deeming erroneous order) is applicable only when there is no enquiry made by the Assessing Officer.

 

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