Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Page of 4805
Press 'Enter' after typing page number.
1161 to 1180 of 96092 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
With effect from conversion, the LLP was a separate legal entity, so municipal and property taxes attributable to the pre-conversion period belonged to the erstwhile private limited company and could not be claimed by the LLP as its own expenditure or loss. The Tribunal therefore sustained the disallowance of the pre-conversion taxes, noting that the assessee's relied-upon provisions did not apply on the facts found and that the earlier company had not filed a return. However, it accepted the alternative claim that income assessed under the head house property must carry the statutory standard deduction and directed the Assessing Officer to allow it.
With effect from conversion, the LLP was a separate legal entity, so municipal and property taxes attributable to the pre-conversion period belonged to the erstwhile private limited company and could not be claimed by the LLP as its own expenditure or loss. The Tribunal therefore sustained the disallowance of the pre-conversion taxes, noting that the assessee's relied-upon provisions did not apply on the facts found and that the earlier company had not filed a return. However, it accepted the alternative claim that income assessed under the head house property must carry the statutory standard deduction and directed the Assessing Officer to allow it.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
