https://www.taxtmi.com/caselaws?id=409915 The Tribunal upheld the CIT (A)'s decision to allow the deduction of construction loss claimed by the assessee, a partnership firm in the real estate business. The Revenue's appeal, challenging the deletion of the addition of Rs. 1,91,25,000 made on account of the construction loss, was dismissed. The Tribunal emphasized the need to avoid double taxation and noted that disallowing the claimed loss would result in undesirable double additions in different assessment years. The Cross Objection by the assessee supporting the CIT (A)'s decision was also dismissed. en-us Fri, 09 Apr 2021 00:00:00 +0530 Tue, 20 Jul 2021 15:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409915 The Tribunal upheld the CIT (A)'s decision to allow the deduction of construction loss claimed by the assessee, a partnership firm in the real estate business. The Revenue's appeal, challenging the deletion of the addition of Rs. 1,91,25,000 made on account of the construction loss, was dismissed. The Tribunal emphasized the need to avoid double taxation and noted that disallowing the claimed loss would result in undesirable double additions in different assessment years. The Cross Objection by the assessee supporting the CIT (A)'s decision was also dismissed. Case-Laws Income Tax Fri, 09 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409915