The ITAT ruled on various issues: 1. Compensation from RDG is ...

Compensation from out-of-court settlement is business income. Disallowed expenses are allowed. Dispute on deductions remitted back for review.

Case Laws Income Tax

June 10, 2024

The ITAT ruled on various issues: 1. Compensation from RDG is business income u/s 28(ii)(c) & 28(va)(a). 2. Addition on flat sale cost is deleted as AO lacked power u/s 50A. 3. Disallowance of payments to PEL is deleted based on agreement terms. 4. Consultancy charges disallowance is pending review due to royalty decision. 5. Legal charges partly allowed, maintenance expenses to be verified. 6. Deduction u/s 35(2AB) requires Form 3CM approval. 7. Depreciation on R&D unit remitted back to AO. 8. Closing stock value to be re-evaluated. 9. Insurance claim remitted for actual loss verification. 10. Capital gain on RP House to be taxed over four years. 11. Rental income from RPIL House as income from house property. 12. Gain on sales tax deferral loan treated as capital receipt. 13. Deductions u/s 35A and 80HHC upheld for consistency. 14. Deduction u/s 80HHC for section 115JB based on adjusted book profit.

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The ITAT ruled on various issues: 1. Compensation from RDG is ...

Compensation from out-of-court settlement is business income. Disallowed expenses are allowed. Dispute on deductions remitted back for review.

Case Laws Income Tax

June 10, 2024

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