https://www.taxtmi.com/caselaws?id=117013 The ITAT upheld the CIT(A)'s decisions on all issues: 1) Deletion of addition of advance rent received by the assessee, emphasizing that advance rent cannot be taxed in the year of receipt; 2) Deletion of addition on account of fall in G.P. rate, stating that a low profit rate alone is not sufficient for an addition without concrete evidence of irregularities; 3) Allowance of deduction under section 24(1)(x) for un-realized rent, to avoid future disputes; and 4) Non-initiation of penalty proceedings under section 271(1)(c) for undisclosed income, as no concealment or inaccuracies were found. en-us Wed, 30 Apr 2003 00:00:00 +0530 Tue, 19 Jun 2012 15:31:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117013 The ITAT upheld the CIT(A)'s decisions on all issues: 1) Deletion of addition of advance rent received by the assessee, emphasizing that advance rent cannot be taxed in the year of receipt; 2) Deletion of addition on account of fall in G.P. rate, stating that a low profit rate alone is not sufficient for an addition without concrete evidence of irregularities; 3) Allowance of deduction under section 24(1)(x) for un-realized rent, to avoid future disputes; and 4) Non-initiation of penalty proceedings under section 271(1)(c) for undisclosed income, as no concealment or inaccuracies were found. Case-Laws Income Tax Wed, 30 Apr 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117013