https://www.taxtmi.com/caselaws?id=753746 The ITAT Mumbai ruled on multiple tax issues for the assessee. The tribunal held that compensation received from out-of-court settlement constitutes business income, not capital gains, confirming the addition. However, it deleted the AO's recalculation of capital gains on property sale, finding the AO lacked power to replace valuer's opinion. The tribunal deleted disallowances of royalty payments to related entities, following precedent. Various issues including R&D deductions, depreciation on software, stock valuation, and insurance claims were remanded to AO for fresh verification. The tribunal ruled rental income should be assessed as house property income and treated sales tax deferral loan repayment as capital receipt. en-us Thu, 11 Jan 2024 00:00:00 +0530 Sat, 08 Jun 2024 13:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753746 The ITAT Mumbai ruled on multiple tax issues for the assessee. The tribunal held that compensation received from out-of-court settlement constitutes business income, not capital gains, confirming the addition. However, it deleted the AO's recalculation of capital gains on property sale, finding the AO lacked power to replace valuer's opinion. The tribunal deleted disallowances of royalty payments to related entities, following precedent. Various issues including R&D deductions, depreciation on software, stock valuation, and insurance claims were remanded to AO for fresh verification. The tribunal ruled rental income should be assessed as house property income and treated sales tax deferral loan repayment as capital receipt. Case-Laws Income Tax Thu, 11 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753746