https://www.taxtmi.com/caselaws?id=59635 The tribunal ruled in favor of the assessee on the primary issue, determining that Section 50C of the IT Act does not apply to business income, thereby deleting the addition made by the AO. The addition for the sale of car parking spaces was also deleted, as these were included in the sale price of the flats. The issue of depreciation on a new car was remanded to the CIT(A) for further consideration. Disallowances of mobile phone expenses were upheld, while the disallowance of traveling expenses was partially reduced. The appeal was partly allowed for statistical purposes. en-us Thu, 05 Feb 2009 00:00:00 +0530 Mon, 30 Oct 2023 12:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59635 The tribunal ruled in favor of the assessee on the primary issue, determining that Section 50C of the IT Act does not apply to business income, thereby deleting the addition made by the AO. The addition for the sale of car parking spaces was also deleted, as these were included in the sale price of the flats. The issue of depreciation on a new car was remanded to the CIT(A) for further consideration. Disallowances of mobile phone expenses were upheld, while the disallowance of traveling expenses was partially reduced. The appeal was partly allowed for statistical purposes. Case-Laws Income Tax Thu, 05 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59635