https://www.taxtmi.com/caselaws?id=313113 The ITAT Delhi ruled on multiple tax issues for the assessee. The tribunal upheld the addition under Section 22 for notional annual letting value of unsold properties, rejecting the assessee's plea to assess income under business head instead of house property. The deduction claim under Section 80IA(4)(iii) was denied due to CBDT's rejection of the requisite notification. Regarding share issuance expenses to QIBs, while the Section 37(1) claim was rejected, the alternative plea under Section 35D was allowed as QIBs qualify as public shareholders. The tribunal ruled in favor of the assessee on capital gains, holding that transfer of infrastructure assets to a wholly-owned subsidiary was exempt under Section 47(iv). en-us Fri, 16 Jul 2021 00:00:00 +0530 Tue, 26 Mar 2024 19:05:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313113 The ITAT Delhi ruled on multiple tax issues for the assessee. The tribunal upheld the addition under Section 22 for notional annual letting value of unsold properties, rejecting the assessee's plea to assess income under business head instead of house property. The deduction claim under Section 80IA(4)(iii) was denied due to CBDT's rejection of the requisite notification. Regarding share issuance expenses to QIBs, while the Section 37(1) claim was rejected, the alternative plea under Section 35D was allowed as QIBs qualify as public shareholders. The tribunal ruled in favor of the assessee on capital gains, holding that transfer of infrastructure assets to a wholly-owned subsidiary was exempt under Section 47(iv). Case-Laws Income Tax Fri, 16 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313113