https://www.taxtmi.com/caselaws?id=285350 ITAT MUMBAI held that revision under s.263 fails and decided for the assessee. On taxability of unsold flats, the Tribunal found the issue debatable with two possible views and, following SC precedent, held s.263 inapplicable; the Finance Act, 2017 insertion to s.23(5) applied only from 01.04.2018 and not to the year under scrutiny. On disallowance under s.36(1)(iii), the AO's computation of opening CWIP and reduction of interest was found correct after verification, so the PCIT's revision on this point also failed. en-us Wed, 26 Dec 2018 00:00:00 +0530 Wed, 03 Sep 2025 16:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285350 ITAT MUMBAI held that revision under s.263 fails and decided for the assessee. On taxability of unsold flats, the Tribunal found the issue debatable with two possible views and, following SC precedent, held s.263 inapplicable; the Finance Act, 2017 insertion to s.23(5) applied only from 01.04.2018 and not to the year under scrutiny. On disallowance under s.36(1)(iii), the AO's computation of opening CWIP and reduction of interest was found correct after verification, so the PCIT's revision on this point also failed. Case-Laws Income Tax Wed, 26 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285350