Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
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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.
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