Assessee received compensation for transferring rights, rightly ...

Compensation Classified as Income from Other Sources; Notional Rent and Interest Income Additions Upheld; Chapter VIA Deduction Denied.

July 5, 2024

Case Laws Income Tax AT

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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Assessee received compensation for transferring rights, rightly ...

Compensation Classified as Income from Other Sources; Notional Rent and Interest Income Additions Upheld; Chapter VIA Deduction Denied.

July 5, 2024

Case Laws Income Tax AT

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