The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the payment of municipal taxes cannot be deducted under section 57(iii) of the Income Tax Act since the same is directly related to the letting out of the property. The assessee, in its return, had shown gross rental income of Rs.12,98,00,004/- as […]
The post Payment of Municipal Taxes being directly related to letting out of Property, can’t be Deducted from ‘Other Income’: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
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