Assessee received compensation for transferring rights, rightly ...
Compensation for rights transfer rightly taxed as income, not capital gains. Notional rent & interest income additions upheld. Deduction claim rejected due to lack of evidence.
Case Laws Income Tax
July 5, 2024
Assessee received compensation for transferring rights, rightly assessed as income from other sources, not capital gains. AO's determination of notional rent at Rs. 2.01 lakhs based on reasonable realizable rental value upheld. Addition of interest income confirmed due to lack of evidence regarding clubbing with spouse's income. Claim for deduction under Chapter VIA rejected for failure to produce evidence. Appeal partly allowed.
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