Minimum alternate tax exclusions for pre-amendment banking companies and expatriate Indian branch salaries remain outside head office expenditure limi...
Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
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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