Fair market value under section 50C must reflect existing property condition, not hypothetical development, and statutory valuation steps must be foll...
Estimated addition @ 25% of the advance booking receipt on shops/flats by the AO u/s 68 - Since the project could not be further carried out due to legal bar the assessee was under legal obligation to refund the amount to the investors after receiving compensation from the government. Estimated addition @ 25% of the advance booking received by the assessee by the AO is not sustainable, hence rightly deleted by the CIT(A). - AT
Estimated addition @ 25% of the advance booking receipt on shops/flats by the AO u/s 68 - Since the project could not be further carried out due to legal bar the assessee was under legal obligation to refund the amount to the investors after receiving compensation from the government. Estimated addition @ 25% of the advance booking received by the assessee by the AO is not sustainable, hence rightly deleted by the CIT(A). - AT
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