https://www.taxtmi.com/caselaws?id=768183 The ITAT Ahmedabad dismissed Revenue's appeal regarding disallowance of non-genuine expenses in Trading Account. The tribunal held that agreement between assessee company and HUF was genuine, with seller properly offering transaction as short-term capital gain, and subsequent cancellation with compensation payment did not render transaction non-genuine. For forfeiture of advance to another HUF, the matter was remanded to Assessing Officer for verification of land valuation details. Regarding forfeiture of advance to third party, tribunal upheld CIT(A)'s deletion of disallowance, finding genuine forfeiture due to inability to acquire dependent land parcels, making expenses allowable. en-us Tue, 25 Feb 2025 00:00:00 +0530 Wed, 02 Apr 2025 08:35:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768183 The ITAT Ahmedabad dismissed Revenue's appeal regarding disallowance of non-genuine expenses in Trading Account. The tribunal held that agreement between assessee company and HUF was genuine, with seller properly offering transaction as short-term capital gain, and subsequent cancellation with compensation payment did not render transaction non-genuine. For forfeiture of advance to another HUF, the matter was remanded to Assessing Officer for verification of land valuation details. Regarding forfeiture of advance to third party, tribunal upheld CIT(A)'s deletion of disallowance, finding genuine forfeiture due to inability to acquire dependent land parcels, making expenses allowable. Case-Laws Income Tax Tue, 25 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768183