https://www.taxtmi.com/caselaws?id=368096 The tribunal held that the lease rent/land premium received by the assessee was considered revenue in nature and taxable. The tribunal rejected the claim for exemption under Article 289 of the Constitution of India, stating that the income generated from the business activities was taxable. The land premium was classified as a revenue receipt based on the assessee's treatment in earlier years. Additionally, the tribunal upheld the disallowance of expenses due to the assessee's failure to justify the change in accounting policy and lack of evidence supporting the expenses' revenue nature. The appeals were dismissed without costs. en-us Thu, 06 Sep 2018 00:00:00 +0530 Mon, 01 Oct 2018 09:14:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368096 The tribunal held that the lease rent/land premium received by the assessee was considered revenue in nature and taxable. The tribunal rejected the claim for exemption under Article 289 of the Constitution of India, stating that the income generated from the business activities was taxable. The land premium was classified as a revenue receipt based on the assessee's treatment in earlier years. Additionally, the tribunal upheld the disallowance of expenses due to the assessee's failure to justify the change in accounting policy and lack of evidence supporting the expenses' revenue nature. The appeals were dismissed without costs. Case-Laws Income Tax Thu, 06 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368096