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2 results for “house property”+ Section 56(2)(viib)clear

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Key Topics

Section 2638Section 143(3)5Business Income2

MAX FINANCIAL SERVICE LIMITED ,NAWANSHAHR vs. PRINCIPAL COMMISSIONER OF INCOME TAX -1, JALANDHAR

In the result, the appeal of the assessee is therefore partly allowed

ITA 121/ASR/2020[2015-16]Status: DisposedITAT Amritsar31 Mar 2021AY 2015-16
For Appellant: Shri Deepak ChopraFor Respondent: Smt.Prabhjot Kaur, CIT
Section 143(3)Section 263

house property is occupied as residence by employees or its directors to 18 A.Y.2015-16 enable them to discharge their functions effectively and the letting out is subservient and incidental to the main business of the assessee, such an occupation amounts to an occupation and user of the property by the assessee itself for the purposes of its business. Clearly

SHRI DEEPAK PAL SINGH,HOSHIARPUR vs. INCOME TAX OFFICER,WARD-1, HOSHIARPUR

In the result, the assessee’s appeal is partly allowed

ITA 75/ASR/2018[2011-12]Status: Disposed
ITAT Amritsar
28 Dec 2018
AY 2011-12

Bench: Sh. Sanjay Arorai.T.A. No. 75/Asr/2018 Assessment Year: 2011-12

For Appellant: Sh. J. S. Passi (Adv.)For Respondent: Sh. Charan Dass (D.R.)
Section 143(3)Section 56(2)(viib)Section 69A

section 56(2)(viib), which provision thus became clearly applicable, and made an addition for Rs.5,05,515/- applying the collector rate as on 07.01.2011. The assessee’s claim that he had in fact paid Rs.3.95 lacs to Sh. Gurudev Singh, of which of course there was no mention in the SPA, was rejected by the AO as an afterthought