Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
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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.
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