https://www.taxtmi.com/caselaws?id=401777 The High Court ruled in favor of the assessee, quashing the order to compute notional rent for an under-construction building. The Court found the authorities' findings to be based on conjectures and termed them as perverse. However, the Court upheld the revenue's decision regarding the treatment of the fee paid for regularization of additional construction as a penalty, considering the authorities' factual findings as reasonable and not arbitrary. The Court also disposed of the appeal by ruling in favor of the assessee on the allowability of the regularization fee as a business loss, influenced by the outcome of the first issue and the pending special leave petition before the Supreme Court. en-us Tue, 08 Dec 2020 00:00:00 +0530 Wed, 16 Dec 2020 11:55:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401777 The High Court ruled in favor of the assessee, quashing the order to compute notional rent for an under-construction building. The Court found the authorities' findings to be based on conjectures and termed them as perverse. However, the Court upheld the revenue's decision regarding the treatment of the fee paid for regularization of additional construction as a penalty, considering the authorities' factual findings as reasonable and not arbitrary. The Court also disposed of the appeal by ruling in favor of the assessee on the allowability of the regularization fee as a business loss, influenced by the outcome of the first issue and the pending special leave petition before the Supreme Court. Case-Laws Income Tax Tue, 08 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401777