ITAT Hyderabad Judgments — May 2024

The Tribunal allowed the salary expenses entirely, upheld the 50% disallowance on professional charges, and remanded the commission payments for verification of rates paid to other parties to determine proportionate allowance.

The Tribunal held that Section 50C is not applicable to the sale of property after its conversion into stock-in-trade, as it applies only to capital assets. The reopening of assessment was also found to be invalid as it was based on an audit party's interpretation of law, not new information.