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ITAT Allows Rs. 6.47 Crore Lease Rent Expense as Deduction Citing Lessee’s Right to Claim Depreciation [Read Order]

Franklin Joshva

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) upheld the order of the Commissioner of Income Tax (Appeals) [CIT(A)], which allowed...

Lease Rent paid for Acquiring Mining Rights is “Capital” in Nature, Not Allowable as Deduction: ITAT...

Principal Component of Lease Rental can be treated as Revenue Expenditure u/s 37: ITAT [Read Order]

Lease Rent Income received from Letting out modules of Software Technology Park to constitute Income...

lease rent - fair market value - CIT(E) - ITAT - Taxscan

Onus to prove Lease Rent paid to Trustees is excessive, beyond the Fair Market Value lies on CIT(E):...

Lease Rent charged by Municipality for land is eligible for GST Exemption: AAR [Read Order]

The Kerala Authority of Advance Ruling (AAR) ruled that the lease rent charged by the municipality for land is eligible for GST exemption. The applicant, George Jacob is the successful bidder of...

ITC available on Vehicles Supplied to Customers on Lease Rent subject to Conditions: AAR [Read Order]

The Authority for Advance Ruling (AAR) Madhya Pradesh has ruled that Input Tax Credit (ITC) is available on GST paid on vehicles provided to different customers on lease rent. The Applicant M/s...

Rent from Open Land taxable as “Other Income”: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Jalandhar bench has held that the lease rent received for letting out of open land should be treated as “Income from Other Sources.” The assessee had leased...

Quoting of Low Rent by Flat Owner is Tax Evasion: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that declaring low rent for a flat by the owner in the income tax return is a device for tax evasion. The assessee, an NRI, let...

CESTAT allows Credit on Lease Rentals supported by Debit Notes [Read Order]

The Customs, Excise, Service Tax Appellate Tribunal (CESTAT), Hyderabad bench has allowed cenvat credit on the service tax paid on lease rentals by the Hindustan Petroleum on the strength of debit...

Quit Rent/ Lease Rent paid to Govt for Agricultural Purpose exempted from GST: AAR [Read Order]

The Advance Ruling Authority ( AAR ), Kerala has held that the quit rent or lease rent paid to the Government for the use of land for agricultural purpose is exempted from GST. The applicant, under a...

ITAT Deletes Penalty against Jaypee Sports Internationals as there was Reasonable Cause for Non-Deduction of Tax on Lease Rent [Read Order]

While deleting penalty proceedings under Section 271C of the Income Tax Act initiated by the department, the ITAT held that there was reasonable cause for not deducting tax and therefore, the levy is...