https://www.taxtmi.com/caselaws?id=55634 The Tribunal ruled in favor of the appellant, a firm of advocates, in a tax dispute. The addition of Rs. 10 lacs under section 28(iv) of the I.T. Act, 1961 was deemed non-taxable as the revaluation of assets did not result in taxable income for the firm. The Tribunal rejected the tax authority's argument that the revaluation was a colorable device to distribute unadjusted income. Additionally, the disallowance of rent under section 40A(2) was overturned as the Tribunal found the ITO's reasoning lacking evidentiary support and justification. en-us Fri, 12 Aug 1988 00:00:00 +0530 Mon, 29 Nov 2010 11:19:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55634 The Tribunal ruled in favor of the appellant, a firm of advocates, in a tax dispute. The addition of Rs. 10 lacs under section 28(iv) of the I.T. Act, 1961 was deemed non-taxable as the revaluation of assets did not result in taxable income for the firm. The Tribunal rejected the tax authority's argument that the revaluation was a colorable device to distribute unadjusted income. Additionally, the disallowance of rent under section 40A(2) was overturned as the Tribunal found the ITO's reasoning lacking evidentiary support and justification. Case-Laws Income Tax Fri, 12 Aug 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55634