Patent-settlement expenditure treated as commercially expedient revenue outlay, with foreign-law restrictions inapplicable before the prospective amen...
International transaction benchmarking restricts transfer pricing adjustments to associated-enterprise dealings, while functional comparability govern...
Joint development agreements defer taxable transfer where possession lacks part performance, while completed flats determine consideration and exempti...
Passenger baggage re-export requires true declaration and cannot be granted indirectly through discretionary redemption of undeclared prohibited goods...
Subletting charges paid to MIDC as a mandatory condition for subletting leasehold property are treated as an integral cost of earning rental income. Taxable income from house property is therefore computed on net rental income after reducing those charges. The standard deduction available for house property income under section 24(a) does not prevent deduction of such pre-receipt expenditure, because the charges are necessary to commercially exploit the leasehold property through subletting. The disallowance of the charges was deleted and the deduction was allowed.
Subletting charges paid to MIDC as a mandatory condition for subletting leasehold property are treated as an integral cost of earning rental income. Taxable income from house property is therefore computed on net rental income after reducing those charges. The standard deduction available for house property income under section 24(a) does not prevent deduction of such pre-receipt expenditure, because the charges are necessary to commercially exploit the leasehold property through subletting. The disallowance of the charges was deleted and the deduction was allowed.
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