TaxTMI 
TaxTMI 
TaxTMI 
2023 (9) TMI 152
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....43(3) of the Income Tax Act, 1961 (hereinafter referred as to 'the Act') for Assessment Year 2016-17. 2. Today, before us, none appeared on behalf of the assessee and neither any adjournment has been sought for. It also appears from the record that on very many occasions, the matter was called on but none appeared on behalf of the assessee. Having no other alternative, we have decided to proceed with the matter ex parte. 3. Ground No.1 relates to disallowance under Section 14A in respect of interest paid by the assessee on LIC loan. Assessee has made investment in partnership firm from which profit has been earned and investment thereupon has been made out of interest bearing fund taken as loan of LIC policies on which interest was also p....
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....nds of the assessee, the firm of Nisan Exports has paid the tax thereon and therefore the same cannot be termed as exempted income per se. Section 144 reads as under. Expenditure incurred in relation to income not includible in total income: 144 For the purpose of computing the total income under this Chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under this Act. ii. There is another thing also. On a careful reading of the provisions of the section 14A, it states that "No deduction shall be allowed in respect of expense incurred by the assessee in relation to income which does not from part of the total income under this Act." I....
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....deed of Nisan Export to contribute capital so as to qualify as a partner and this is not a condition to be a partner Had it been a case where the assessee's capital was negative, in that case also he would certainly have earned the share of profit from the said firm. In view of that the expense by way of interest paid to LIC has not been incurred in relation to income which does not form part of the total income. In view of that, since a. The tax paid profit from Nisan Exports is not such income that that does not form part of the total income under the provision of the Act, in view of the clear language of Sec. 144; b. What the assessee has earned by way of share of profit from Nisan Exports is not because he has contributed his ....
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....emed rental income has been shown in computation of total income and show cause, therefore, dated 17.12.2018 was issued as to why the addition on account of deemed rental income should not be made. The assessee replied to the show cause in the following manner: "1. "I have a flat at Lalit Kunj, Mumbai which is occupied by my son and wife during the above year and I used to frequently visit my family at Mumbai. Therefore I consider this Mumbai flat as my self-occupied house property. I was staying in the above year at Jetpur along with my mother in her house at Panchavati Society, Dhoraji Road, Jetpur. The same belongs to her and is duly reflected her books of accounts and therefore the Lalit Kunj flat of Mumbai being the self-occupied hou....
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....t value of the property mentioned above u/s 23(4) of the 1.T. Act, 1961 as the ratio laid down by Hon'ble Allahabad High Court in the decision of the case of Smt. Radha Devi Dalmia V/s CIT(1980) 125 ITR 134, which is fair. Further, as assessee has not produced any supporting documents for the house tax paid by him during the year under assessment for above flats the deduction of the same is not allowed. However, the standard deduction of 30% as prescribed in the section 24(a) is allowed. Therefore, the income from deemed let out property is calculated as under: Description of the property Value of the property as per the balance sheet of the assessee (In Rs. ) Deemed rent @7% of the value of the property as per balance sheet (In ....