https://www.taxtmi.com/caselaws?id=216224 The Tribunal partly allowed the appeal of a construction partnership firm, directing the Assessing Officer (AO) to re-compute profits by considering total consideration of sold flats, value of extra work, and value of unsold flats. The Tribunal also instructed the AO to tax only the profit element of the contract receipt from Desai Cement Co. Pvt. Ltd., allow deduction of expenses for executing the contract, and verify claims related to undervaluation of closing work-in-progress and bogus creditors/loans under section 68. en-us Tue, 22 Dec 2009 00:00:00 +0530 Fri, 07 Jun 2013 12:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216224 The Tribunal partly allowed the appeal of a construction partnership firm, directing the Assessing Officer (AO) to re-compute profits by considering total consideration of sold flats, value of extra work, and value of unsold flats. The Tribunal also instructed the AO to tax only the profit element of the contract receipt from Desai Cement Co. Pvt. Ltd., allow deduction of expenses for executing the contract, and verify claims related to undervaluation of closing work-in-progress and bogus creditors/loans under section 68. Case-Laws Income Tax Tue, 22 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216224