https://www.taxtmi.com/caselaws?id=402711 The Income Tax Appellate Tribunal (ITAT) partly allowed the appeal by directing the Assessing Officer to allocate common administrative expenses proportionately based on gross revenue, including closing work in progress, for both the Classique and Royal Projects. The ITAT emphasized that Transferable Development Rights (TDR) sales were integral to the real estate business and should be considered in expense allocation. The ITAT also instructed a recalculated deduction under Section 80 IB (10) for the Classique Project, reducing the allocation of expenses to align with the project's actual activities. en-us Tue, 08 Dec 2020 00:00:00 +0530 Sun, 10 Jan 2021 00:00:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402711 The Income Tax Appellate Tribunal (ITAT) partly allowed the appeal by directing the Assessing Officer to allocate common administrative expenses proportionately based on gross revenue, including closing work in progress, for both the Classique and Royal Projects. The ITAT emphasized that Transferable Development Rights (TDR) sales were integral to the real estate business and should be considered in expense allocation. The ITAT also instructed a recalculated deduction under Section 80 IB (10) for the Classique Project, reducing the allocation of expenses to align with the project's actual activities. Case-Laws Income Tax Tue, 08 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402711