Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
HC dismissed the assessee's challenge and upheld the concurrent findings of the AO, CIT(A) and ITAT that the premises' annual value under s.23 was Rs.22,00,000. The court held the assessee could not rely on developer/society letters not pressed before the tribunal and had failed to prove any municipal rateable value; the doctrine of standard rent was inapplicable as no statutory tenancy under rent control existed. The AO permissibly conducted an independent enquiry, considering comparable instances, overdraft return and the usufructual effect of a substantial security deposit; notional interest alone could not determine annual value. Decision against the assessee.
HC dismissed the assessee's challenge and upheld the concurrent findings of the AO, CIT(A) and ITAT that the premises' annual value under s.23 was Rs.22,00,000. The court held the assessee could not rely on developer/society letters not pressed before the tribunal and had failed to prove any municipal rateable value; the doctrine of standard rent was inapplicable as no statutory tenancy under rent control existed. The AO permissibly conducted an independent enquiry, considering comparable instances, overdraft return and the usufructual effect of a substantial security deposit; notional interest alone could not determine annual value. Decision against the assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
