Compensation payment out of sale proceeds explained with documentary evidence allowed

DCIT Vs B.N Ramachandra (HUF) (ITAT Kolkata)

ITAT Kolkata held that compensation paid out of sale proceeds to various parties is duly explained by the assessee with documentary evidences. Accordingly, addition towards compensation paid deleted.

Facts- The assessee along with one Shri Chethan A. Gandhi as the confirming party, sold land measuring 1 acre 16 guntas of land in Survey in favour of MARS Builders, under sale deed dated 20.01.2020 for a total consideration of Rs.7

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