Claim of Compensation for Termination of Development Agreement Allowed as Deduction to One Co-Owner Cannot be Denied to Other Co-owner: ITAT [Read Order]

By Ipsita Das - On August 20, 2023 5:30 pm - 2 mins read

Claim of Compensation for - Termination of Development Agreement Allowed as - Deduction to One - Co-Owner Denied Co-owner - ITAT - TAXSCAN

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT), held that the claim for the compensation in the case of the co-owner was admitted by the revenue and therefore the revenue has taken contrary stand by disallowing the addition in the hand of the assessee who is also a co-owner. The assessee in the present…

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Topics

Accountant Member Waseem Ahmed claim Commissioner of Income Tax (Appeals)deduction ITAT ITAT Ahmedabad