https://www.taxtmi.com/caselaws?id=356285 ITAT Kolkata held that a company with no active operations may still incur limited administrative to preserve corporate existence and meet statutory needs, but expenses already attributable to house property income cannot be duplicated as business deductions. In the absence of complete evidence that all claimed outgoings were exclusively for business, full allowance was rejected and the disallowance was restricted to a reasonable percentage, giving the assessee partial relief. On capital gains, the transfer of immovable property was treated as having occurred when a written sale agreement, part consideration, and delivery of possession satisfied part performance; the later registered deed did not defer taxability. Capital gains were therefore not taxable in the registration year, and the addition was deleted. en-us Wed, 21 Feb 2018 00:00:00 +0530 Wed, 28 Feb 2018 06:31:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356285 ITAT Kolkata held that a company with no active operations may still incur limited administrative to preserve corporate existence and meet statutory needs, but expenses already attributable to house property income cannot be duplicated as business deductions. In the absence of complete evidence that all claimed outgoings were exclusively for business, full allowance was rejected and the disallowance was restricted to a reasonable percentage, giving the assessee partial relief. On capital gains, the transfer of immovable property was treated as having occurred when a written sale agreement, part consideration, and delivery of possession satisfied part performance; the later registered deed did not defer taxability. Capital gains were therefore not taxable in the registration year, and the addition was deleted. Case-Laws Income Tax Wed, 21 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356285