https://www.taxtmi.com/caselaws?id=772691 ITAT Delhi held that option money received by the assessee under a joint venture agreement constitutes capital receipt, not revenue receipt, following its previous decision and HC affirmation. The tribunal directed computation of capital gains on 940 crores received from sale of 23% stake, allowing deduction of proportionate capitalized interest and professional expenses subject to AO verification. However, business promotion expenses of 550.82 crores paid for obtaining foreign exchange for an individual were disallowed as lacking direct business nexus. Appeal partly allowed in assessee's favor. en-us Wed, 04 Jun 2025 00:00:00 +0530 Thu, 12 Jun 2025 07:21:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772691 ITAT Delhi held that option money received by the assessee under a joint venture agreement constitutes capital receipt, not revenue receipt, following its previous decision and HC affirmation. The tribunal directed computation of capital gains on 940 crores received from sale of 23% stake, allowing deduction of proportionate capitalized interest and professional expenses subject to AO verification. However, business promotion expenses of 550.82 crores paid for obtaining foreign exchange for an individual were disallowed as lacking direct business nexus. Appeal partly allowed in assessee's favor. Case-Laws Income Tax Wed, 04 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772691