Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
Condonation of delay permits statutory appeal restoration where inadequate service explanation prevented consideration of reassessment and taxable-inc...
ITAT held that lease rentals from areas within the warehousing complex are taxable as "income from house property," not "business income," as consistently accepted by the Revenue in preceding and succeeding years without any change in material facts. Accordingly, ITAT set aside the order of CIT(A) and directed AO to assess such lease income under the head "house property" and allow standard deduction u/s 24(1). On the addition relating to alleged speculation business, ITAT held that assignment of rights in flats constitutes transfer of a capital asset, not a speculative transaction u/s 43(5). Surplus arising therefrom is taxable under the head "capital gains." ITAT therefore directed AO to delete the speculative income addition, allowing the assessee's grounds.
ITAT held that lease rentals from areas within the warehousing complex are taxable as "income from house property," not "business income," as consistently accepted by the Revenue in preceding and succeeding years without any change in material facts. Accordingly, ITAT set aside the order of CIT(A) and directed AO to assess such lease income under the head "house property" and allow standard deduction u/s 24(1). On the addition relating to alleged speculation business, ITAT held that assignment of rights in flats constitutes transfer of a capital asset, not a speculative transaction u/s 43(5). Surplus arising therefrom is taxable under the head "capital gains." ITAT therefore directed AO to delete the speculative income addition, allowing the assessee's grounds.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
Join Channel
TaxTMI 
