Search Results for "lease income"

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Search Results for "lease income"

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High Court

Bombay High Court Allows Appeals in Income Tax Classification Dispute — Rent Income from Leasing Properties Held Assessable as Business Income. The Court ruled that where the assessee's main object is leasing and it conducts systematic business activity, rental income is assessable under 'Profits and gains of business or profession' under Section 28 of the Income Tax Act, 1961, not under 'Income from house property'.

21 Oct 2024

The case involves a batch of appeals under Section 260A of the Income Tax Act, 1961, filed by National Leasing Limited (later National Realty Pvt. Ltd...

High Court

Bombay High Court Dismisses Revenue's Appeal in Income Tax Classification Dispute. Rental Income from Property Held as Stock-in-Trade is Business Income, Not Income from House Property Under Section 22 of Income Tax Act, 1961.

21 Aug 2012

The case involves an appeal by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) which held that the rent a...

Supreme Court

Supreme Court Allows Assessee in Income Tax Case — Receipt for Construction of Cinema House Not Advance Rent. Lease Lacked Stipulation for Adjustment of Payment Toward Rent; Premium Prima Facie Capital Not Taxable Under Income Tax Act.

30 Jan 1969

The case involves an assessee who, on July 19, 1945, took a lease of certain premises in Calcutta on monthly rent. He made alterations to convert the ...

High Court

Bombay High Court Allows Revenue's Appeal in Rental Income Classification Case. Rental income from leasing unsold units of a commercial complex constructed by a real estate developer is assessable as business income, not income from house property.

9 Apr 2015

The case involves multiple appeals filed by the Commissioner of Income Tax against the common order of the Income Tax Appellate Tribunal (ITAT) which ...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Lease Premium Paid by Tenant to Landlord for Surrender of Tenancy Rights is a Capital Expenditure, Not Revenue Expenditure. The premium paid to vacate the premises and surrender tenancy rights is capital in nature, not deductible as business expenditure under Section 37 of the Income Tax Act, 1961.

17 Jul 2015

The Revenue (Commissioner of Income Tax and Assistant Commissioner of Income Tax) filed an appeal under Section 260-A of the Income Tax Act, 1961, aga...

Supreme Court

Supreme Court Directs Payment of Occupational Charges in Landlord-Tenant Dispute Pending Determination of Applicable Tenancy Law. The Court held that a tenant continuing in possession after forfeiture of lease is liable to pay mesne profits at market rate, not contractual rent, under Section 2(12) CPC.

15 Feb 2024

The Supreme Court was hearing special leave petitions filed by a landlord challenging a judgment of the Calcutta High Court which held that the landlo...

Supreme Court

Supreme Court Allows Assessee's Appeal, Holding Royalty Payment for Mining Lease is Revenue Expenditure. Yearly royalty of Rs. 96,000 under mining arrangement with Government deductible under Income-tax Act as it relates to raw material obtained, not capital outlay.

15 Nov 1965

This appeal arose from income tax assessment proceedings for the years 1954-55 to 1956-57. The appellant, a registered firm manufacturing lime from li...

High Court

Bombay High Court Dismisses Revenue's Appeal in Income Tax Classification Dispute. Income from Hotel Management Agreement Held to be Business Income Under Section 28 of Income Tax Act, 1961.

13 Sep 2005

The case involved an appeal by the Revenue under Section 260-A of the Income Tax Act, 1961, against the order of the Income Tax Appellate Tribunal. Th...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Tribunal's Deletion of Rental Income Addition Upheld. Rental income from property held as stock-in-trade is assessable under 'Income from House Property' and not 'Business Income' as per Section 22 of the Income Tax Act, 1961.

23 Feb 2016

The present appeal was filed by the Revenue under Section 260-A of the Income Tax Act, 1961, against the order dated 27.02.2015 passed by the Income T...

High Court

Bombay High Court Deliberates on Tax Exemption and Classification of Lease Transactions in Income Tax Reference concerning Scientific Research Centre. Assessee's claim for exemption under Section 11 of Income Tax Act, 1961 hinges on whether activities constitute general public utility, whether construction and letting out of World Trade Centre amounts to business, and whether receipts are revenue in nature.

25 Oct 2012

The Income Tax Reference No. 78 of 1998 arose from the Income Tax Appellate Tribunal's common order dated 29th March, 1996, for assessment years 1989-...

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