First year of Business & Applicability of presumptive scheme of taxation u/s 44AD: Controversy to Continue
An Interesting Case : No disallowance u/s 40A(3) on undertaking that the assessee (Builder & Developer) will not claim concerned expenditure as deduction
If Assessee failed to substantiate the claim that deposits made in bank account were out of sale proceeds, addition under section 68 is justified.
Property remained vacant & in the peculiar facts of the case no addition on account of notional rent is warranted : Mumbai ITAT