https://www.taxtmi.com/caselaws?id=440062 A claim for deduction of compensation paid for delay in handing over possession was not accepted on the existing record because the supporting development agreement was produced for the first time before the appellate forum and the description of the payment was inconsistent across proceedings. The factual basis of the claim therefore required verification. The matter was restored to the Assessing Officer to examine the agreement, determine the true nature of the payment after giving reasonable opportunity of hearing, and, if it is found to be compensation for delay in handing over possession, treat it as part of work-in-progress. en-us Wed, 07 Jun 2023 00:00:00 +0530 Sat, 08 Jul 2023 07:38:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440062 A claim for deduction of compensation paid for delay in handing over possession was not accepted on the existing record because the supporting development agreement was produced for the first time before the appellate forum and the description of the payment was inconsistent across proceedings. The factual basis of the claim therefore required verification. The matter was restored to the Assessing Officer to examine the agreement, determine the true nature of the payment after giving reasonable opportunity of hearing, and, if it is found to be compensation for delay in handing over possession, treat it as part of work-in-progress. Case-Laws Income Tax Wed, 07 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440062