“Section 22(14)”
The decision most relied on for Section 22(14) is East India Housing and Land Development Trust Ltd. v. CIT (42 ITR 49), cited in 147 judgments on BharatTax.
Leading authorities on Section 22(14)
Rental income from immovable property owned by an assessee must be assessed under the head 'Income from House Property' (Section 22), even if the assessee is engaged in the business of real estate or property development and leasing. This emphasizes the mandatory classification of income under its specific statutory head.
Reopening assessment beyond four years under Section 147 is permissible only if the assessee failed to disclose fully and truly the material facts necessary for assessment. Mere change of opinion is not a valid ground for reopening.
Deemed dividend under section 2(22)(e) is taxable in the hands of an individual shareholder, not in the hands of a firm in which the shareholder is a partner, if the firm itself is not a shareholder in the lending company.
Rental income from unsold flats in a construction business is assessable as income from house property, not business income. Consequently, deductions under section 24(a) are allowable.
Proceedings before tax tribunals cannot continue against a corporate debtor once a moratorium under the Insolvency and Bankruptcy Code (IBC), 2016 has come into effect, due to the overriding nature of the IBC over other laws under Section 238.
