https://www.taxtmi.com/caselaws?id=380265 The Tribunal upheld the CIT(A)'s decisions in the case. The undisclosed sales addition of Rs. 26,63,100 was deleted, as the assessee followed the Project Completion Method, not recognizing revenue until possession transfer. The treatment of the loss disallowance of Rs. 58,46,550 as a business loss, not a short-term capital loss, was confirmed, considering the land as business stock due to property development activities. The Tribunal emphasized adherence to the project completion method and rejected the Revenue's arguments, affirming the CIT(A)'s rulings on both issues. en-us Tue, 19 Mar 2019 00:00:00 +0530 Thu, 16 May 2019 15:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380265 The Tribunal upheld the CIT(A)'s decisions in the case. The undisclosed sales addition of Rs. 26,63,100 was deleted, as the assessee followed the Project Completion Method, not recognizing revenue until possession transfer. The treatment of the loss disallowance of Rs. 58,46,550 as a business loss, not a short-term capital loss, was confirmed, considering the land as business stock due to property development activities. The Tribunal emphasized adherence to the project completion method and rejected the Revenue's arguments, affirming the CIT(A)'s rulings on both issues. Case-Laws Income Tax Tue, 19 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380265