56

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Section 56(2)(vii)(b) When purchase transactions of immovable property were carried out in FY 2011-12 for which full consideration was also parted with the seller. Mere registration at later date would not cover a transaction in AY 2014-15 already executed in the earlier years. The Revenue is debarred. ITAT- Ranchi in the case of Bajrang Lal Naredi, Ranchi vs Ito,Ward-1(3), Jamshedpur on 20 January, 2020
Section 32, 37, 36(1)(iii), 37(1), 131, 133A, 56, 147‎ AY 2012-13, 2013-14, 2014-15‎ After going through the various terms of the deed if it is loan/finance arrangement ‎between the parties then the assessee is entitled only to claim interest as expenditure u/s ‎‎36 (1) (iii) and depreciation and is not entitled to claim the principal component of ‎alleged lease rent paid as ‘revenue expenditure’ u/s 37(1). FASTWAY TRANSMISSION ‎‎(P) LTD. vs. ACIT ITAT CHANDIGARH May 6, 2020‎