https://www.taxtmi.com/caselaws?id=386948 The Tribunal partly allowed the appeal, upholding the treatment of the waiver of advance as Business Income under sections 28(iv) and 41(1) of the Income Tax Act. The waiver was considered a revenue receipt due to its benefit arising from business activities. However, the disallowance of the claim for the cost of improvement while computing Long Term Capital Gains was remanded back to the Assessing Officer for a fresh examination, as the assessee was directed to provide further details and evidence to substantiate the claimed expenses. en-us Mon, 19 Aug 2019 00:00:00 +0530 Sun, 13 Oct 2019 10:56:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386948 The Tribunal partly allowed the appeal, upholding the treatment of the waiver of advance as Business Income under sections 28(iv) and 41(1) of the Income Tax Act. The waiver was considered a revenue receipt due to its benefit arising from business activities. However, the disallowance of the claim for the cost of improvement while computing Long Term Capital Gains was remanded back to the Assessing Officer for a fresh examination, as the assessee was directed to provide further details and evidence to substantiate the claimed expenses. Case-Laws Income Tax Mon, 19 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386948