https://www.taxtmi.com/caselaws?id=434127 The Tribunal set aside the CIT(A)'s orders in a case involving disallowance of expenses during a temporary business suspension and addition under Section 50C for property sold below stamp value. The Tribunal emphasized the need for proper verification of expenses related to maintaining the corporate entity during the suspension and highlighted the failure to follow prescribed valuation procedures for property sold below stamp value. The issues were remanded to the AO for fresh consideration, with the appeal being treated as allowed for statistical purposes. en-us Wed, 15 Feb 2023 00:00:00 +0530 Fri, 17 Feb 2023 04:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434127 The Tribunal set aside the CIT(A)'s orders in a case involving disallowance of expenses during a temporary business suspension and addition under Section 50C for property sold below stamp value. The Tribunal emphasized the need for proper verification of expenses related to maintaining the corporate entity during the suspension and highlighted the failure to follow prescribed valuation procedures for property sold below stamp value. The issues were remanded to the AO for fresh consideration, with the appeal being treated as allowed for statistical purposes. Case-Laws Income Tax Wed, 15 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434127