Interactive flat panels meeting automatic data processing conditions are distinguished from monitors, while later classification clarifications apply ...
Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
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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