Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Page of 4805
Press 'Enter' after typing page number.
1221 to 1240 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" ?
The Income Tax Act did not intend to tax deemed rental income from properties held as stock-in-trade prior to the assessment year 2018-19. Section 23(5), introduced from the assessment year 2018-19, permits the Assessing Officer to calculate deemed rental income on properties held as stock-in-trade, even if not let out. However, prior to this, Section 22 clearly stated that annual value of properties held as stock-in-trade for business purposes shall not be chargeable to income tax under the head "Income from House Property". The legislature's intention to tax such deemed rental income is evident only from the assessment year 2018-19 onwards, as Section 23(5) was not made retrospectively applicable. Consequently, the Assessing Officer cannot determine annual value or deemed rental income on unsold flats held as stock-in-trade for the assessment year 2016-17, and the addition made on this account must be deleted.
The Income Tax Act did not intend to tax deemed rental income from properties held as stock-in-trade prior to the assessment year 2018-19. Section 23(5), introduced from the assessment year 2018-19, permits the Assessing Officer to calculate deemed rental income on properties held as stock-in-trade, even if not let out. However, prior to this, Section 22 clearly stated that annual value of properties held as stock-in-trade for business purposes shall not be chargeable to income tax under the head "Income from House Property". The legislature's intention to tax such deemed rental income is evident only from the assessment year 2018-19 onwards, as Section 23(5) was not made retrospectively applicable. Consequently, the Assessing Officer cannot determine annual value or deemed rental income on unsold flats held as stock-in-trade for the assessment year 2016-17, and the addition made on this account must be deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
