The Appellate Tribunal considered two main issues: 1. Addition ...

Appellate Tribunal upheld revenue loss due to default in property payment & rejected AO's valuation, dismissing Revenue's appeal.

Case Laws Income Tax

July 1, 2024

The Appellate Tribunal considered two main issues: 1. Addition u/s 37(1) - Assessee incurred business loss due to default in property payment, allowed as revenue loss. 2. Non-referral to DVO for property valuation - AO's additions deleted as assessee sold property below stamp valuation, objections ignored. Tribunal dismissed Revenue's appeal, upholding CIT(A)'s decision on both issues. The Tribunal rejected reliance on a non-jurisdictional case cited by the Revenue.

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The Appellate Tribunal considered two main issues: 1. Addition ...

Appellate Tribunal upheld revenue loss due to default in property payment & rejected AO's valuation, dismissing Revenue's appeal.

Case Laws Income Tax

July 1, 2024

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