https://www.taxtmi.com/caselaws?id=337853 The ITAT dismissed the AO's appeal and upheld the FAA's decisions regarding the deletion of additions of Rs. 2.65 crores on account of deemed income and Rs. 9.50 lakhs towards building number two of the police station. The ITAT concluded that the AO's additions were not justified as the income would only accrue upon the sale of the developed property, and expenses during a lull in business activities are common for developers and contractors. The appeal was dismissed, and the cross-objection was deemed infructuous. en-us Wed, 04 Jan 2017 00:00:00 +0530 Tue, 17 Jan 2017 22:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337853 The ITAT dismissed the AO's appeal and upheld the FAA's decisions regarding the deletion of additions of Rs. 2.65 crores on account of deemed income and Rs. 9.50 lakhs towards building number two of the police station. The ITAT concluded that the AO's additions were not justified as the income would only accrue upon the sale of the developed property, and expenses during a lull in business activities are common for developers and contractors. The appeal was dismissed, and the cross-objection was deemed infructuous. Case-Laws Income Tax Wed, 04 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337853