https://www.taxtmi.com/caselaws?id=334059 The High Court upheld the Tribunal's decision in a case concerning a deduction claim for the surrender of tenancy rights. The Tribunal allowed the appeal of the Respondent, restricting the deduction to 2/3rd of the total amount, based on a precedent where a similar payment was exempted. The Court ruled that once the Revenue accepted the genuineness of one side of the transaction, they could not dispute the genuineness of the payment made by the assessee. Consequently, the Court dismissed the appeal, emphasizing that both sides of the transaction must be considered genuine once one side is accepted as such. en-us Fri, 21 Oct 2016 00:00:00 +0530 Wed, 02 Nov 2016 18:19:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334059 The High Court upheld the Tribunal's decision in a case concerning a deduction claim for the surrender of tenancy rights. The Tribunal allowed the appeal of the Respondent, restricting the deduction to 2/3rd of the total amount, based on a precedent where a similar payment was exempted. The Court ruled that once the Revenue accepted the genuineness of one side of the transaction, they could not dispute the genuineness of the payment made by the assessee. Consequently, the Court dismissed the appeal, emphasizing that both sides of the transaction must be considered genuine once one side is accepted as such. Case-Laws Income Tax Fri, 21 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334059