Vicarious liability for dishonoured company cheques may extend to non-signatory directors where complaints contain foundational responsibility avermen...
Charitable registration turns on predominant purpose and genuine activities, while incidental fees and related-party rent require supporting adverse m...
MAT book-profit adjustments exclude disallowances for exempt-income expenditure and demerger expenditure unless expressly listed under the statutory c...
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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