S. 32 : Depreciation-Dumpers-Put to use for 180 days-Failure to produce evidence-Not entitle for full depreciation-Order of Tribunal set aside. [S. 254(1)]

S. 28(i) : Business income-Income from house property-Lease of property-Business of purchasing and renting properties-No other source of income-Income derived from letting out properties assessable under head ‘income from profits and gains of business’, and not as income from house property. [S. 22, 23, 56 (2)(iii)]

S. 23 : Income from house property-Annual value-Municipal rateable value-Only when annual value under municipal laws so determined had close proximity with relevant assessment year, in case of significant gap between municipal rateable value and annual rent of property, Assessing Officer could make independent enquiry under section 23(1)(a)-Security deposit-Nominal licence fee-Assessing Officer was justified in fixing annual rental value by taking into consideration twin factors of comparable rents and notional interest on security deposits-Developer’s letter and certificate from premises society cannot be treated as cogent evidence for fixation of municipal rateable value-Property given on rent-Standard rent of premises-Concept of standard rent applicable only to statutory tenant enjoying protection from rent escalation an eviction-Assessee’s premises were not governed by provisions of rent control legislation-Assessing Officer not bound to accept Municipal Rateable Value and can take in to consideration annual rent premises capable of fetching-Notional interest receivable on security deposit cannot be sole factor for deciding annual letting out value of property-Comparable instance and return on overdraft facility taken by assessee from lessee Bank to arrive at sum of reasonable rent-Order of Tribunal affirmed.
[S. 22, 23(1)(a), 260, Bombay Rents, Hotel and Lodging House Rates Control act, 1947]

S. 12AA : Procedure for registration-Trust or institution-Rejection of registration after prescribed period of six months-Cannot result in deemed grant of registration-Tribunal not justified in granting assessee deemed registration. [S. 12A, 12AA(2)(iii), 260A]

S. 10(26AAA) : Income of Sikkimese-Individual-Income not included-Definition of ‘Sikkimese’ as amended by Finance Act, 2023-Definition limited to Income-tax Act only-Does not affect rights under Article 371F(k) of Constitution of India-PIL dismissed. [Art. 226, 371F(k)]

S. 10(26AAA): Income of Sikkimese – Individual-Income not included-Definition of ‘Sikkimese’ as amended by Finance Act, 2023-Definition limited to Income-tax Act only-Does not affect rights under Article 371F(k) of Constitution of India-PIL dismissed-SLP dismissed.[Art. 136, 371F(k)]

S.10(26) : Schedule Tribes-Member of Scheduled Tribe community of Rajasthan, was posted at Agartala, Tripura, a specified area-Entitled to benefits of exemption from income tax flowing from provisions of section 10(26) of the Act. [Art. 226]

S. 276C : Offences and prosecutions-Wilful attempt to evade tax-HSBC (Suisse) accounts-Unauthenticated DTAA-sourced information from France about alleged Swiss bank accounts, coupled with no incriminating material found in search and no corroboration, cannot sustain prosecution.[S.132, 132(4), 276D, 277, 278E]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Cash credits-Adequate enquiry by Assessing Officer-Lack of enquiry-General observation by CIT-High Court affirmed the order of Tribunal-SLP of revenue dismissed.[S. 68, 143(3),153A, Art. 136]

S. 254(1) : Appellate Tribunal-Powers-Settlement Commission-CIT(A) did not adjudicate issue on merits and dismissed the appeal-Tribunal remanded matter back to CIT(A) for consideration-High Court affirmed the order of the Tribunal-SLP of revenue dismissed.[S. 245D(4), 245HA, 246A, 250, Art. 136]