Toy balloon tariff classification: functional heading prevails over residual rubber and festive article headings, supporting penalties for deliberate ...
Customs valuation using comparable contemporaneous imports can displace declared value, while missing speaking orders require pursuit before competent...
Foreign customs declarations and importer admissions established undervaluation, supporting sequential value redetermination, differential duty, and m...
Customs seizure safeguards prevent detention-based limitation avoidance and invalidate provisional release conditions for imported vehicles under an i...
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ITAT dismissed the revenue's appeal regarding classification of rental income under correct head of income. The assessee had treated rental income as business income rather than house property income while filing returns. The Coordinate Bench in assessee's own case for A.Y. 2011-12 previously held that assessee's rental income was assessable as "Income from Business." The Departmental Representative conceded that facts and circumstances for the current year were identical to A.Y. 2011-12, which was decided in assessee's favor. ITAT found no infirmity in CIT(A)'s order allowing the assessee to classify rental income as business income instead of house property income, upholding the lower authority's decision against the revenue.
ITAT dismissed the revenue's appeal regarding classification of rental income under correct head of income. The assessee had treated rental income as business income rather than house property income while filing returns. The Coordinate Bench in assessee's own case for A.Y. 2011-12 previously held that assessee's rental income was assessable as "Income from Business." The Departmental Representative conceded that facts and circumstances for the current year were identical to A.Y. 2011-12, which was decided in assessee's favor. ITAT found no infirmity in CIT(A)'s order allowing the assessee to classify rental income as business income instead of house property income, upholding the lower authority's decision against the revenue.
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