High Court Rules on Income From Leasing of Property, Sets a Precedent for Tax Law
2 months ago

High Court Rules on Income From Leasing of Property, Sets a Precedent for Tax Law

Live Law  

The Bombay High Court has ruled that assessee's income from leasing properties should be considered as income from profits and gains of business, not income from house property. The court found that the assessee's business is primarily focused on the letting out of properties, and that the income being taxed is derived from the rental income received from these properties.

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History of this topic

Income From Sub-Letting Is 'Business Income' If Object Is Business Of Renting/Licensing Of Shops: Calcutta High Court
11 months ago

Income From Sub-Letting Is 'Business Income' If Object Is Business Of Renting/Licensing Of Shops: Calcutta High Court

Live Law  

Finding that assessee's income from sub-letting/sub-licensing the space in question, has always been accepted by Respondent / Income Tax Department as, income from business, the Calcutta High Court held that assessee's income from sub-licensing/sub-letting is chargeable to tax as business income and not as income from house property. The assessee therefore made disclosure as total contribution received from letting out …

Bombay High Court Set Aside Reassessment Proceedings Alleging Escapement Of Income On Transfer Of Leasehold Rights
1 year ago

Bombay High Court Set Aside Reassessment Proceedings Alleging Escapement Of Income On Transfer Of Leasehold Rights

Live Law  

The Bombay High Court has quashed the reassessment proceedings alleging escapement of income on transfer of leasehold rights.The bench of Justice K.R. The Bombay High Court has quashed the reassessment proceedings alleging escapement of income on transfer of leasehold rights. The petitioner filed its return of income for the Assessment Year 2018-19 on October 30, 2018, showing Rs. 43 crore …

AO Can’t Make Addition On The Basis Of Statement Without Corroborating It With Any Other Material: ITAT
1 year, 7 months ago

AO Can’t Make Addition On The Basis Of Statement Without Corroborating It With Any Other Material: ITAT

Live Law  

The Mumbai Bench of the Income Tax Appellate Tribunal has held that an AO cannot make additions merely on the basis of a statement without corroborating it with any other material.The bench of Pavan Kumar Gadale and B.R. Baskaran has observed that the AO has assessed entire cash receipts as income of the assessee without examining the nature of. The …

Income From Operating And Maintaining IT Park To Be Assessed Under "Income from Business": ITAT
2 years, 2 months ago

Income From Operating And Maintaining IT Park To Be Assessed Under "Income from Business": ITAT

Live Law  

The Mumbai Bench of the Income Tax Appellate Tribunal has held that the income from operating and maintaining an IT park is to be assessed under the head "Income from Business".The two-member bench of Vikas Awasthy and M. Balaganesh has observed that the income from letting out the premises/developing space along with other facilities in an. The Mumbai Bench of …

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