Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Income from house property - Determining the ALV of flats disclosed in the stock in trade as per the Accounting standards and policies being fallowed consistently by the assessee - ITAT held that the ALV of the unsold flats held as stock in trade should not be computed under the head "Income from Property" but should be assessed as business income. The ITAT relied on the amendment in the Finance Act 2017, which applied prospectively from the assessment year 2018-19, to support its decision.
Income from house property - Determining the ALV of flats disclosed in the stock in trade as per the Accounting standards and policies being fallowed consistently by the assessee - ITAT held that the ALV of the unsold flats held as stock in trade should not be computed under the head "Income from Property" but should be assessed as business income. The ITAT relied on the amendment in the Finance Act 2017, which applied prospectively from the assessment year 2018-19, to support its decision.
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