Hardship allowances Received From Housing Developers to Compensate Dispossession are Non Taxable: ITAT [Read Order]

Respectfully following the decision of the Bombay High Court, ITAT directed the AO to delete the addition made in the hands of the assessee
By Varda Marakkar - On August 21, 2024 4:00 pm - 2 mins read
ITAT - ITAT Mumbai - Income Tax Appellate Tribunal - Hardship Allowances - Non Taxable - Compensate Dispossession - ITAT News - taxscan

Recently in a case, the Income Tax Appellate Tribunal (ITAT) of Mumbai held that hardship and rehabilitation allowances received from housing developers as compensation for the hardship endured due to dispossession cannot be taxed as revenue receipt. The assessee, Sonal Samit Vartak, did not file any return of income for the Financial Year (FY) 2010-11…

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