Revenue authority mandates using scheme-specific reversal procedures, not revising original entries, for instrument-based trade/customs benefits effec...
Transaction value under s.15(1) governs unrelated sales; valuation between related parties per Rule 28; consignment note required for unregistered rec...
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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