https://www.taxtmi.com/caselaws?id=269820 The Court dismissed the Revenue's appeal against the ITAT order, which allowed the assessee's appeal regarding the taxation of development rights and related expenses. The Court upheld the ITAT's decision to tax only the profits after deducting allowable expenses, emphasizing that the gross receipt cannot be taxed. The Revenue's argument that the ITAT did not consider the transaction reality was rejected due to the verifiable and undisputed expenditure details provided by the assessee. Consequently, the appeal was dismissed as no substantial question of law arose for consideration. en-us Tue, 01 Apr 2014 00:00:00 +0530 Tue, 22 Dec 2015 06:11:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269820 The Court dismissed the Revenue's appeal against the ITAT order, which allowed the assessee's appeal regarding the taxation of development rights and related expenses. The Court upheld the ITAT's decision to tax only the profits after deducting allowable expenses, emphasizing that the gross receipt cannot be taxed. The Revenue's argument that the ITAT did not consider the transaction reality was rejected due to the verifiable and undisputed expenditure details provided by the assessee. Consequently, the appeal was dismissed as no substantial question of law arose for consideration. Case-Laws Income Tax Tue, 01 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269820