Additional Income offered as part of Business Income, entitled to Income Tax Deduction u/s 40(b)(v): ITAT [Read Order]

By Kalyani B. Nair - On December 15, 2022 6:03 pm - 2 mins read
Income - Additional Income - Business Income - Income Tax Deduction - Income Tax - Deduction - Tax - ITAT - taxscan

The Income Tax Appellate Tribunal ( ITAT ), Bangalore Bench held that Additional income offered as part of business income, entitled to deduction under Section 40(b)(v) of the Income Tax Act, 1961. The assessee, M/s.Rathod Developers & Builders is a partnership firm engaged in the business of construction of residential and commercial buildings. It also…

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