ITAT Rules on Business Income, Flat Sale Cost, Consultancy Payments, and Deductions in Complex Tax Matters.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....The ITAT ruled on various issues: 1. Compensation from RDG is business income u/s 28(ii)(c) & 28(va)(a). 2. Addition on flat sale cost is deleted as AO lacked power u/s 50A. 3. Disallowance of payments to PEL is deleted based on agreement terms. 4. Consultancy charges disallowance is pending review due to royalty decision. 5. Legal charges partly allowed, maintenance expenses to be verified. 6. Deduction u/s 35(2AB) requires Form 3CM approval. 7. Depreciation on R&D unit remitted back to AO. 8. Closing stock value to be re-evaluated. 9. Insurance claim remitted for actual loss verification. 10. Capital gain on RP House to be taxed over four years. 11. Rental income from RPIL House as income from house property. 12. Gain on sales tax deferra.........