Working-capital adjustment determines whether software-services transfer-pricing margins fall within the statutory tolerance range, eliminating any ad...
Permanent establishment deductions upheld for expatriate salaries, direct costs and trading losses, while head-office costs require fresh classificati...
Data transmission equipment classification under CTSH 8517 62 remains distinct from residual classification, with exemption evidence requiring scrutin...
Correct head of income - Income from leasing or letting out the properties in shopping-cum-entertainment Mall - “income from business” or “income from house property” - After careful consideration, the High Court affirmed the decision of the CIT(A) and the ITAT that the income derived from leasing out properties in the mall should be categorized as "income from business." The Court noted that the assessee company's main object, as per its Memorandum of Article and Association, involved various business activities related to owning, leasing, and managing properties like multiplexes, cineplexes, and shopping malls. Therefore, the income from leasing out properties in the mall constituted income from business under Section 28 of the Income Tax Act.
Correct head of income - Income from leasing or letting out the properties in shopping-cum-entertainment Mall - “income from business” or “income from house property” - After careful consideration, the High Court affirmed the decision of the CIT(A) and the ITAT that the income derived from leasing out properties in the mall should be categorized as "income from business." The Court noted that the assessee company's main object, as per its Memorandum of Article and Association, involved various business activities related to owning, leasing, and managing properties like multiplexes, cineplexes, and shopping malls. Therefore, the income from leasing out properties in the mall constituted income from business under Section 28 of the Income Tax Act.
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