https://www.taxtmi.com/caselaws?id=254089 The ITAT dismissed the revenue's appeal, upholding the CIT(A)'s decisions on both issues. Regarding the disallowance of prior period expenses, it was held that prior period expenses can be set off against prior period income. Concerning the taxability of compensation received as short-term capital gain, the ITAT ruled that the compensation should be treated as a capital receipt due to the Supreme Court setting aside the initial sale, thus not taxable as short-term capital gain or interest income. en-us Thu, 28 Aug 2014 00:00:00 +0530 Mon, 23 Feb 2015 12:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254089 The ITAT dismissed the revenue's appeal, upholding the CIT(A)'s decisions on both issues. Regarding the disallowance of prior period expenses, it was held that prior period expenses can be set off against prior period income. Concerning the taxability of compensation received as short-term capital gain, the ITAT ruled that the compensation should be treated as a capital receipt due to the Supreme Court setting aside the initial sale, thus not taxable as short-term capital gain or interest income. Case-Laws Income Tax Thu, 28 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254089