For example, SAC code 997212 covers rental or leasing services involving owned or leased non-residential property. Breaking it down: The initial “99” refers to services. The “72” represents the primary category, which is leasing or rental services. ...
In the case of Moraj Building Concepts Pvt Ltd vs DCIT, 2023 (ITAT) 802, the Income Tax Appellate Tribunal (ITAT), Mumbai bench instructed the income tax department to calculate income tax on rental income using the municipal ratable value. This was for determining the hypothetical rent conce...