https://www.taxtmi.com/caselaws?id=411058 The Tribunal ruled in favor of the assessee in the case involving various tax issues. It held that transactions between the director and the company were commercial and not deemed dividends under section 2(22)(e). The provision for construction costs was allowed as an ascertained liability, and unexplained cash credits were partially accepted. The claim for bad debts was allowed as the debt was written off. Additionally, the capitalization of land for project expenses was not required as the land was under a Joint Development Agreement. The Tribunal allowed the assessee's appeal for the assessment year 2011-12, partly allowed the appeal for 2012-13, and dismissed the Revenue's appeal for 2012-13. en-us Mon, 09 Aug 2021 00:00:00 +0530 Mon, 16 Aug 2021 15:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411058 The Tribunal ruled in favor of the assessee in the case involving various tax issues. It held that transactions between the director and the company were commercial and not deemed dividends under section 2(22)(e). The provision for construction costs was allowed as an ascertained liability, and unexplained cash credits were partially accepted. The claim for bad debts was allowed as the debt was written off. Additionally, the capitalization of land for project expenses was not required as the land was under a Joint Development Agreement. The Tribunal allowed the assessee's appeal for the assessment year 2011-12, partly allowed the appeal for 2012-13, and dismissed the Revenue's appeal for 2012-13. Case-Laws Income Tax Mon, 09 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411058