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Section 124(5)
As per sec 124(5), whether A.O. is allowed to even assess those incomes which accrued in other jurisdictions lets say rent on house property? Eg Mr A is having a business in Kolkata and is also earning rent on a house proprty from nagpur. So as per section 124(1), A.O. having jurisdiction over place of business will have power to assess his return. So now whether sec124(5) powers him to assess rent from house property accruing to the assessee or some other section or whether he has no such power?
Replies (4)
Only in respect of business income, the principal place of business is relevant to decide on jurisdiction. In respect of other income, the location of the person is relevant and not the place of source of income
So lets say a person is having business income in kolkata as well as rental income from nagpur, so my question is AO of kolkata will have jurisdiction to assess the both incomes, so can A.O of nagpur can assess rental income of such person u/s 124(5) or not?
AO of Kolkata has powers to assess both the income
Thank u sir, it was really helpful.
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