Purposive interpretation of residential house exemption: unregistered purchase agreement alone does not defeat relief, but investment must be verified...
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ITAT allowed the assessee's appeal, directing the Assessing Officer (AO) to re-examine the disallowance of expenses under Section 57(iii). The tribunal found that documentary evidence supporting the exemption claim under Section 10(23C) was potentially overlooked. The matter was remanded for fresh proceedings, with instructions to comprehensively verify the assessee's documents and evidence regarding salary grants and related expenditure. Ground Nos. 1 to 5 were allowed for statistical purposes, effectively providing the assessee an opportunity to substantiate its claims through a detailed re-evaluation of the original assessment.
ITAT allowed the assessee's appeal, directing the Assessing Officer (AO) to re-examine the disallowance of expenses under Section 57(iii). The tribunal found that documentary evidence supporting the exemption claim under Section 10(23C) was potentially overlooked. The matter was remanded for fresh proceedings, with instructions to comprehensively verify the assessee's documents and evidence regarding salary grants and related expenditure. Ground Nos. 1 to 5 were allowed for statistical purposes, effectively providing the assessee an opportunity to substantiate its claims through a detailed re-evaluation of the original assessment.
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