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Corporate Law : Discover the latest MSME policy urging MSEs to include EM numbers on documents for better identification and compliance with incom...
I have given my careful consideration to the rival contentions. The first issue, in my view, to be addressed in this case is as to the determination of annual letting value of the house property in accordance with the provisions of section 23(1)(a) of the Act. Once that issue is decided, then it will be easy to decide the second issue as to whether the earlier order of the Tribunal in assessee’s own case was necessarily to be followed or not.
In respect of properties where restriction under Rent Control Act is not applicable, the annual letting value has got to be determined after taking into consideration various factors and the standard rent or Municipal valuation may be adjusted after taking into account such factors.
word `property’ has been used by the legislature in a wider sense so as to include more than one house. However, the right to compute the ALV at nil in respect of self occupied property is restricted to one house even thought he property owned by the assessee may consist of more than one house.
This is a new clause inserted by the Central Board of Direct Taxes through its Notification No. 36/2009 dated 13-4-2009, in the Form No.3CD in Appendix II of the Income-tax Rules, 1962 .
Actor Emraan Hashmi, who was refused an NOC to buy a flat in Nibbana housing society at Pali Hill allegedly because he was a Muslim, has one more quarter to turn to for help. The model bye-laws framed by the state government under the Maharashtra Cooperative Societies Act hold that a person does not require a no objection certificate (NOC) from the society at the time of transfer of a flat.
Brokerage could be claimed as collection charges if as per the agreement, it is the responsibility of the broker to collect the rent but provision relating to deduction on account of collection charges in sub-clause (viii) of section 24 stand deleted from Assessment year 1993-94 and collection charges are included in the lump-sum deduction of 1/4th of annual value allowable as deduction under sub-clause (i).
It is also to be noted that Dr. Pal at that point of time tried to distinguish the said judgment in the Hamilton’s case (supra) with the judgment of Hope (India) Ltd. (supra) and submitted that there is no inconsistency in the view taken by the subsequent Division Bench in the Hope (India) Ltd case (supra) and in this subsequent decision the Hon’ble Division Bench duly considered the judgment delivered in the Hamilton’s case
Discover the latest MSME policy urging MSEs to include EM numbers on documents for better identification and compliance with income tax provisions.
