https://www.taxtmi.com/caselaws?id=416407 Administrative expenditure was held partly disallowable where the record showed no work in progress and the prior-year pattern supported a proportionate restriction. Direct expenses for transfer of land and demolition of the clubhouse were treated as allowable business expenditure because they were incurred in the course of real estate development under the joint development arrangement. Capital gains were held taxable in the year of transfer on the non-refundable consideration for rights in land, but the future constructed area could not be taxed in that year because it was not yet in existence. Depreciation was denied because no business activity was carried on during the year. en-us Wed, 15 Dec 2021 00:00:00 +0530 Tue, 28 Dec 2021 12:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416407 Administrative expenditure was held partly disallowable where the record showed no work in progress and the prior-year pattern supported a proportionate restriction. Direct expenses for transfer of land and demolition of the clubhouse were treated as allowable business expenditure because they were incurred in the course of real estate development under the joint development arrangement. Capital gains were held taxable in the year of transfer on the non-refundable consideration for rights in land, but the future constructed area could not be taxed in that year because it was not yet in existence. Depreciation was denied because no business activity was carried on during the year. Case-Laws Income Tax Wed, 15 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416407