AUTHORITY FOR ADVANCE RULINGS, MAHARASHTRA ISPRAVA Hospitality (P.) Ltd., In re MS. P. VINITHA SEKHAR AND A.A. CHAHURE, MEMBER NO. GST-ARA-52/2019-20/B-39 MARCH 17, 2020 PROCEEDINGS (Under Section 98 of the Central Goods and Services Tax Act,2017 and the Maharashtra Goods and Services Tax Act, 2017) The present application has been filed under section 97 of the Central Goods and… Read More »
The assessee has claimed a loss of Rs. 15,32,120 qua the said property on account of interest (on borrowed capital) at Rs. 21,62,120, adjusting it against the rental income of Rs. 9 lakhs. The said rent was, on the basis of a field enquiry by the Assessing Officer (AO), found to be from the assessee’s major son,… Read More »
Lump-sum lease premium or upfront lease charges not “rent” The Central Board of Direct Taxes (CBDT) issued guidance to clarify that a lump-sum lease premium or one-time upfront lease charges that are not adjustable against periodic rent, paid or payable for acquisition of long-term leasehold rights over land or any other property, are not “rent,”… Read More »