S. 28(i) : Business income-Licence to run the hotel along with fully furnished hotel-Assessable as business income and not as income from house property. [S. 22]
S. 28(i) : Business income-Licence to run the hotel along with fully furnished hotel-Assessable as business income and not as income from house property. [S. 22]
S. 24 : Income from house property-Deductions-Business of real estate-Interest-Amount borrowed for repayment of earlier loan-Allowable as deduction. [S. 22, 24(b)]
S. 22 : Income from house property-Renting of terrace for installation of antenna tower was taxable as income from house property and not as income from other sources. [S. 56]
S. 22 : Income from house property-Deemed rent on unsold flats lying as inventory-Not taxable as income from house property-The amendment in Finance Act, 2017 w.e.f. 1 April 2018 is prospectively applicable from AY 2018-19 onwards. [S. 23]
S. 22 : Income from house property-Rent-From installation of antenna tower on the terrace assessable as income from house property and not as income from other sources-Deduction allowable as per S. 24(a) of the Act. [S. 24(a), 56]
S. 14A : Disallowance of expenditure-Exempt income-No disallowance can be made when exempt income earned during the year-No addition of disallowance under section 14A is called for while computing income under section 115JB of the Act. [S. 115JB, R. 8D]
S. 14A : Disallowance of expenditure-Exempt income-Own interest free funds in the form of share capital and free reserve-Interest disallowance is not justified. [R. 8D]
S. 14A : Disallowance of expenditure-Exempt income-Netting of interest expenditure. [R. 8D]
S. 14A : Disallowance of expenditure-Exempt income-Disallowance cannot exceed amount of exempt income. [R. 8D]
S. 14A : Disallowance of expenditure-Exempt income-Share of loss from the firm-No disallowance can be made if no exempt income is earned. [R. 8D]