https://www.taxtmi.com/caselaws?id=467405 ITAT applied the principle that an enforceable right or interest in immovable property evidenced by allotment/possession communications and payment constitutes a capital asset and the holding period runs from the date of that entitlement, resulting in long-term treatment with indexation; it also held that professional gross receipts must be computed after permitting allowable business/professional deductions and deleted an addition where claimed expenses lacked improper disallowance; and it required year-wise tracing of bank withdrawals to test unexplained cash deposits, deleting additions where bank-originated sources or prior-year attribution were shown. All impugned additions were deleted. en-us Thu, 20 Feb 2025 00:00:00 +0530 Mon, 16 Mar 2026 14:07:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467405 ITAT applied the principle that an enforceable right or interest in immovable property evidenced by allotment/possession communications and payment constitutes a capital asset and the holding period runs from the date of that entitlement, resulting in long-term treatment with indexation; it also held that professional gross receipts must be computed after permitting allowable business/professional deductions and deleted an addition where claimed expenses lacked improper disallowance; and it required year-wise tracing of bank withdrawals to test unexplained cash deposits, deleting additions where bank-originated sources or prior-year attribution were shown. All impugned additions were deleted. Case-Laws Income Tax Thu, 20 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467405