Excerpt: Madras High Court Commissioner Of Income Tax vs Chennai Properties And ... on 28 March, 2003 Equivalent citations: (2004) 186 CTR Mad 409, 2004 266 ITR 685 Mad Author: R J Babu Bench: R J Babu, K R Pandian JUDGMENT R. Jaysimha Babu, J. 1. At the instance of the Revenue, the following questions … Continue reading the assessee, as owner of the building, was only exploiting the property as owner by leasing out the same and realising income by way of rent. Such rental income is liable to be assessed under the head ‘income from house property’.
S.C. Majumdar vs Commissioner Of Income-Tax
Excerpt: The harmonious effect of the provisions of the section would be to say that on completion of the entire building, including the residential unit which is in the occupation of the assessee, the assessee is entitled to a relief. But, in computing that relief, the annual value of the residential unit which is in … Continue reading S.C. Majumdar vs Commissioner Of Income-Tax
The mere fact that the rooms have been let out on rent to different lodgers on a monthly basis is not sufficient to constitute these rooms into separate residential units for the purposes of the grant of the benefit.
Excerpt:The mere fact that the rooms have been let out on rent to different lodgers on a monthly basis is not sufficient to constitute these rooms into separate residential units for the purposes of the grant of the benefit under Clause (b) of the second proviso to Section 23(1) of the Act. As already indicated, we are … Continue reading The mere fact that the rooms have been let out on rent to different lodgers on a monthly basis is not sufficient to constitute these rooms into separate residential units for the purposes of the grant of the benefit.
t is not only the surplus from the activities of the business of the Club that is excluded from the levy of income-tax even the annual value of the Club House, as contemplated in Section 22 of the Act, will be outside the purview of the levy of income- tax.
Excerpt: it is not only the surplus from the activities of the business of the Club that is excluded from the levy of income-tax even the annual value of the Club House, as contemplated in Section 22 of the Act, will be outside the purview of the levy of income- tax. Supreme Court of India M/S. Chelmsford … Continue reading t is not only the surplus from the activities of the business of the Club that is excluded from the levy of income-tax even the annual value of the Club House, as contemplated in Section 22 of the Act, will be outside the purview of the levy of income- tax.
If an assessee company carries on a particular business claiming to be a club or mutual concern, and by giving the same facilities to all alike, the dealings as a whole would the same profit earning motive.
Excerpt: if the object of the assessee company claiming to be a "mutual concern" or "club", is to carry on a particular business and money is realised both from the members and from non-members, for the same consideration by giving the same or similar facilities to all alike in respect of the one and the … Continue reading If an assessee company carries on a particular business claiming to be a club or mutual concern, and by giving the same facilities to all alike, the dealings as a whole would the same profit earning motive.
in the context of section 22 of the Income-tax Act, namely, ‘to tax the income’, we are of the view, owner’ is a person who is entitled to receive income from the property in his own right.
Excerpt: in the context of section 22 of the Income-tax Act having regard to the ground realities and further having regard to the object of the Income-tax Act, namely, 'to tax the income', we are of the view, owner' is a person who is entitled to receive income from the property in his own right. Supreme Court of … Continue reading in the context of section 22 of the Income-tax Act, namely, ‘to tax the income’, we are of the view, owner’ is a person who is entitled to receive income from the property in his own right.
the assessee, as owner of the building, was only exploiting the property as owner by leasing out the same and realising income by way of rent. Such rental income is liable to be assessed under the head ‘income from house property’.
Excerpt:the assessee, as owner of the building, was only exploiting the property as owner by leasing out the same and realising income by way of rent. Such rental income is liable to be assessed under the head 'income from house property'. Madras High Court Commissioner Of Income Tax vs Chennai Properties And ... on 28 … Continue reading the assessee, as owner of the building, was only exploiting the property as owner by leasing out the same and realising income by way of rent. Such rental income is liable to be assessed under the head ‘income from house property’.
The company may also, as in this case, keep the surplus fund in short-term deposits in order to earn interest. Such interests will be chargeable under s. 56 of the Act.
Excerpt:The company may also, as in this case, keep the surplus fund in short-term deposits in order to earn interest. Such interests will be chargeable under s. 56 of the Act. Supreme Court of India Tuticorin Alkali Chemicals & ... vs Commissioner Of Income Tax. on 8 March, 1997 Equivalent citations: (1997) 141 CTR SC 387 Author: … Continue reading The company may also, as in this case, keep the surplus fund in short-term deposits in order to earn interest. Such interests will be chargeable under s. 56 of the Act.
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