https://www.taxtmi.com/caselaws?id=292085 Income from the Lodha Supremus project was treated as taxable in the shareholder entity's hands because it had developed the project and recorded the related revenue. The assessee functioned as a special purpose vehicle, with construction expenditure reflected as capital work in progress and funded by shareholders, and did not independently record project revenue or profit. Taxing the same project income again in the special purpose vehicle's hands would create impermissible double taxation. Changes linking building space to shares were not treated as beyond the Companies Act, 1956. The revenue's challenge to deletion of the project income was dismissed, while the assessee's independently claimed loss was disallowed. en-us Thu, 23 Aug 2018 00:00:00 +0530 Sat, 05 Dec 2020 18:45:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292085 Income from the Lodha Supremus project was treated as taxable in the shareholder entity's hands because it had developed the project and recorded the related revenue. The assessee functioned as a special purpose vehicle, with construction expenditure reflected as capital work in progress and funded by shareholders, and did not independently record project revenue or profit. Taxing the same project income again in the special purpose vehicle's hands would create impermissible double taxation. Changes linking building space to shares were not treated as beyond the Companies Act, 1956. The revenue's challenge to deletion of the project income was dismissed, while the assessee's independently claimed loss was disallowed. Case-Laws Income Tax Thu, 23 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292085