https://www.taxtmi.com/caselaws?id=55908 The Tribunal ruled in favor of the appellant firm, deleting the addition of Rs. 10 lakhs under Section 28(iv) of the IT Act, 1961. The Tribunal held that the revaluation of assets did not result in taxable income for the firm as the benefit accrued to the partners, not the firm itself. Additionally, the Tribunal found that the disallowance of rent under Section 40A(2) was unjustified as the ITO failed to provide factual evidence to support the claim of excessive rent. Consequently, both additions were deleted, and the appeal was allowed. en-us Thu, 18 Aug 1988 00:00:00 +0530 Tue, 30 Nov 2010 16:10:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55908 The Tribunal ruled in favor of the appellant firm, deleting the addition of Rs. 10 lakhs under Section 28(iv) of the IT Act, 1961. The Tribunal held that the revaluation of assets did not result in taxable income for the firm as the benefit accrued to the partners, not the firm itself. Additionally, the Tribunal found that the disallowance of rent under Section 40A(2) was unjustified as the ITO failed to provide factual evidence to support the claim of excessive rent. Consequently, both additions were deleted, and the appeal was allowed. Case-Laws Income Tax Thu, 18 Aug 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55908