https://www.taxtmi.com/caselaws?id=456812 ITAT Delhi ruled on multiple house property and business income issues. Regarding disputed 23 spaces/flats (7511 sq ft) in Jyot Shikar Building without municipal approval, matter was remanded to AO for fresh examination with proper evidence. CIT(A)'s exclusion of properties occupied for business purposes was upheld under section 22. Properties with rent treated as business income were correctly excluded from ALV calculation following precedent assessment years. Five percent annual ALV increase was deleted due to lack of comparable evidence. Section 14A disallowance on dividend income was dismissed as assessee had sufficient own funds per Supreme Court ruling. Advance lease rent deduction claim was remanded for fresh consideration. Delayed PF contribution disallowance was deleted following Delhi HC precedent allowing deduction if deposited before return filing. en-us Wed, 23 Feb 2022 00:00:00 +0530 Wed, 14 Aug 2024 13:20:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456812 ITAT Delhi ruled on multiple house property and business income issues. Regarding disputed 23 spaces/flats (7511 sq ft) in Jyot Shikar Building without municipal approval, matter was remanded to AO for fresh examination with proper evidence. CIT(A)'s exclusion of properties occupied for business purposes was upheld under section 22. Properties with rent treated as business income were correctly excluded from ALV calculation following precedent assessment years. Five percent annual ALV increase was deleted due to lack of comparable evidence. Section 14A disallowance on dividend income was dismissed as assessee had sufficient own funds per Supreme Court ruling. Advance lease rent deduction claim was remanded for fresh consideration. Delayed PF contribution disallowance was deleted following Delhi HC precedent allowing deduction if deposited before return filing. Case-Laws Income Tax Wed, 23 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456812