https://www.taxtmi.com/caselaws?id=326237 The ITAT ruled in favor of the assessee regarding the confirmation of earnest money received for the purchase of Transfer of Development Rights, overturning the AO and FAA decisions due to established genuineness of the transaction. The addition made under section 68 of the Income Tax Act was deleted by the ITAT, leading to the removal of the penalty imposed by the AO. The ITAT upheld the deletion of penalty by the FAA and allowed a partial disallowance of administrative expenses, employees' expenses, and depreciation, resulting in the appeal being allowed for the Assessment Year 2006-07 and partially allowed for the Assessment Year 2007-08. en-us Mon, 04 Apr 2016 00:00:00 +0530 Sat, 09 Apr 2016 08:09:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326237 The ITAT ruled in favor of the assessee regarding the confirmation of earnest money received for the purchase of Transfer of Development Rights, overturning the AO and FAA decisions due to established genuineness of the transaction. The addition made under section 68 of the Income Tax Act was deleted by the ITAT, leading to the removal of the penalty imposed by the AO. The ITAT upheld the deletion of penalty by the FAA and allowed a partial disallowance of administrative expenses, employees' expenses, and depreciation, resulting in the appeal being allowed for the Assessment Year 2006-07 and partially allowed for the Assessment Year 2007-08. Case-Laws Income Tax Mon, 04 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326237