https://www.taxtmi.com/caselaws?id=412724 The Tribunal upheld the CIT(A)'s decision to delete the addition of deemed Annual Lettable Value (ALV) on unsold flats and the disallowance of interest expenditure. The Tribunal found that the provisions of the Income Tax Act provided relief to real estate developers regarding the ALV of unsold property and confirmed that the interest-free loans were advanced from self-owned funds. The Tribunal dismissed the revenue's appeal, affirming the CIT(A)'s order based on applicable legal precedents and factual findings. en-us Tue, 24 Aug 2021 00:00:00 +0530 Fri, 24 Sep 2021 07:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412724 The Tribunal upheld the CIT(A)'s decision to delete the addition of deemed Annual Lettable Value (ALV) on unsold flats and the disallowance of interest expenditure. The Tribunal found that the provisions of the Income Tax Act provided relief to real estate developers regarding the ALV of unsold property and confirmed that the interest-free loans were advanced from self-owned funds. The Tribunal dismissed the revenue's appeal, affirming the CIT(A)'s order based on applicable legal precedents and factual findings. Case-Laws Income Tax Tue, 24 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412724