Captive power transfer pricing and non-resident export commission rules support deletion of adjustments and withholding disallowance in discussed proc...
Cooperative society deposits, member-interest TDS exemption and credit-facility deduction claims require verification through records and supporting e...
Customs jurisdiction over EPCG condition breaches survives export-obligation discharge certificates, requiring alleged fraud and misdeclaration to be ...
Contractual tolerance requires consideration; breach recoveries, qualifying public infrastructure services and road works escape service tax liability...
The ITAT allowed the appeal in part. The Tribunal held that the AO's and CIT(A)'s addition of deemed rent for five Mumbai flats was unsustainable because the assessee had bona fide intention to let and took efforts to rent the properties, thus attracting s.23(1)(c) relief; Ground No.1 allowed. Ground No.2 was dismissed: the office at Hariom Chambers was properly held chargeable to tax under Income from House Property because the assessee did not carry on a business/profession chargeable to tax under profits and gains. Alternatively, Ground No.3 was allowed: the assessee may designate Hariom Chambers as self-occupied and treat Ruby Villa as deemed let, and the AO is directed to recompute income from house property accordingly.
The ITAT allowed the appeal in part. The Tribunal held that the AO's and CIT(A)'s addition of deemed rent for five Mumbai flats was unsustainable because the assessee had bona fide intention to let and took efforts to rent the properties, thus attracting s.23(1)(c) relief; Ground No.1 allowed. Ground No.2 was dismissed: the office at Hariom Chambers was properly held chargeable to tax under Income from House Property because the assessee did not carry on a business/profession chargeable to tax under profits and gains. Alternatively, Ground No.3 was allowed: the assessee may designate Hariom Chambers as self-occupied and treat Ruby Villa as deemed let, and the AO is directed to recompute income from house property accordingly.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4798
Join Channel
TaxTMI 
