https://www.taxtmi.com/caselaws?id=401053 The tribunal partly allowed the appeals filed by the assessee, emphasizing the importance of seeking clarifications from auditors and proper income classification based on the assessee's main objectives and activities. Various grounds were accepted in favor of the assessee, such as the deletion of an addition under Section 41, classification of rental income as "Income from House Property," disallowance of depreciation, and non-application of Section 50C to the transfer of leasehold rights. The tribunal also allowed deductions for expenses paid in a subsequent year and for delayed ESIC contributions, based on judicial precedents and specific case facts. en-us Mon, 15 Jun 2020 00:00:00 +0530 Thu, 26 Nov 2020 11:01:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401053 The tribunal partly allowed the appeals filed by the assessee, emphasizing the importance of seeking clarifications from auditors and proper income classification based on the assessee's main objectives and activities. Various grounds were accepted in favor of the assessee, such as the deletion of an addition under Section 41, classification of rental income as "Income from House Property," disallowance of depreciation, and non-application of Section 50C to the transfer of leasehold rights. The tribunal also allowed deductions for expenses paid in a subsequent year and for delayed ESIC contributions, based on judicial precedents and specific case facts. Case-Laws Income Tax Mon, 15 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401053