The Income Tax Appellate Tribunal (ITAT), Hyderabad has held that the rental advance adjusted towards the negotiated settlement for lock-in the period must be treated as Business Loss. The Assessing Officer, while completing assessment against the assessee, disallowed the claim of ‘write off of rent deposit of masterpiece building’. The assessee claimed that it was […]
The post Rental Advance adjusted towards Negotiated Settlement for Lock in period is Business Loss: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
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