https://www.taxtmi.com/caselaws?id=372375 The Tribunal ruled in favor of the assessee, directing the deletion of the disallowance of earnest money amounting to Rs. 31,50,000. The decision was based on the business purpose of the transaction, considering it as a business loss and revenue expenditure rather than capital expenditure. The Tribunal cited legal precedents supporting the treatment of such forfeitures as business losses, ultimately allowing the appeal and overturning the Assessing Officer's decision. en-us Wed, 19 Dec 2018 00:00:00 +0530 Fri, 21 Dec 2018 07:09:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372375 The Tribunal ruled in favor of the assessee, directing the deletion of the disallowance of earnest money amounting to Rs. 31,50,000. The decision was based on the business purpose of the transaction, considering it as a business loss and revenue expenditure rather than capital expenditure. The Tribunal cited legal precedents supporting the treatment of such forfeitures as business losses, ultimately allowing the appeal and overturning the Assessing Officer's decision. Case-Laws Income Tax Wed, 19 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372375