S.198 r.w.s. 199 r.w.r. 37BA – “Unrealized rent” was offered to tax under “income from house property” and then deducted u/s 23(1) r.w.r. 4. “Unrealized rent” is a deduction and not exemption. Hence, claim of TDS on such amount is allowable as it falls under the same category as ss.80IA/IB/IC.

[Shri Rangji Realties Pvt. Ltd. vs. ITO – ITA No.6119/Mum/2016 – Date: 09.06.17 – Mumbai ITAT]

S.71(1), 28 & 69 – As per S.71(1), “Business loss” can be set-off against “unexplained income u/s 69” (taxable as “Income from other sources”). Here, the concerned business loss as well as unexplained income emanated from the very same undisclosed bank statement.

[Ghanshyam K. Kevadia vs. ITO – ITA No.1580/Ahd/2013 – Date: 18.04.17 – Ahmedabad ITAT]

S.68 – Assessee received gift from NRI family friend in the form of “India Millennium Certificate.” Assessee satisfied genuineness, creditworthiness and identity of the donor and gift was made through banking channel. CIT(A) made addition on the ground that there was no blood relation and occasion to receive such a huge gift and donor was not present before AO & CIT(A) for verification. Held, assessee satisfied all criteria and department failed to demonstrate with ample evidence why contention of assessee was disbelieved. Addition was deleted.

[Baldev Singh vs. DCIT – ITA No.2471/Del/2014 – Date: 08.06.17 – Delhi ITAT]