https://www.taxtmi.com/caselaws?id=357181 The Tribunal upheld the CIT(A)'s decision to estimate the profit at 9% for the construction and sale of apartments, dismissing the Revenue's appeal. Additionally, the Tribunal ruled in favor of the assessee regarding the disallowance of interest paid on loans borrowed for house property and business, stating that no separate addition can be made once income is estimated. Both the Revenue and the assessee's appeals were dismissed, along with the Cross Objection filed by the assessee, in a decision pronounced on March 7, 2018. en-us Wed, 07 Mar 2018 00:00:00 +0530 Mon, 19 Mar 2018 07:27:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357181 The Tribunal upheld the CIT(A)'s decision to estimate the profit at 9% for the construction and sale of apartments, dismissing the Revenue's appeal. Additionally, the Tribunal ruled in favor of the assessee regarding the disallowance of interest paid on loans borrowed for house property and business, stating that no separate addition can be made once income is estimated. Both the Revenue and the assessee's appeals were dismissed, along with the Cross Objection filed by the assessee, in a decision pronounced on March 7, 2018. Case-Laws Income Tax Wed, 07 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357181