https://www.taxtmi.com/caselaws?id=338926 The Tribunal upheld the CIT(A)'s decision to delete the disallowance of Rs. 1,05,70,443/- on administrative and other overheads, finding that the business activities had commenced with land acquisition. The Tribunal dismissed the Revenue's appeal, noting the assessee's compliance with accounting standards. Regarding the disallowance under Section 14A, the Tribunal set aside the issue for the AO to re-determine the disallowance, criticizing the AO for not providing sufficient reasoning and failing to consider the assessee's accounts. The Revenue's appeals were dismissed, and the assessee's appeals were partly allowed for statistical purposes. en-us Wed, 08 Feb 2017 00:00:00 +0530 Wed, 15 Feb 2017 08:31:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338926 The Tribunal upheld the CIT(A)'s decision to delete the disallowance of Rs. 1,05,70,443/- on administrative and other overheads, finding that the business activities had commenced with land acquisition. The Tribunal dismissed the Revenue's appeal, noting the assessee's compliance with accounting standards. Regarding the disallowance under Section 14A, the Tribunal set aside the issue for the AO to re-determine the disallowance, criticizing the AO for not providing sufficient reasoning and failing to consider the assessee's accounts. The Revenue's appeals were dismissed, and the assessee's appeals were partly allowed for statistical purposes. Case-Laws Income Tax Wed, 08 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338926