https://www.taxtmi.com/caselaws?id=424941 The ITAT Visakhapatnam addressed the reopening of assessment under section 147 of the Income Tax Act for AY 2006-07, focusing on the inclusion of land cost in deemed sale consideration and computation of construction cost. The ITAT ruled in favor of the assessee, stating that the cost of land owned and relinquished should not be added to the deemed consideration. Additionally, the ITAT upheld the lower rate advocated by the assessee for the cost of construction based on the incomplete status of the building. The ITAT dismissed the Revenue's appeal and allowed the assessee's cross objections, ultimately ruling in favor of the assessee. en-us Fri, 08 Jul 2022 00:00:00 +0530 Tue, 12 Jul 2022 09:14:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424941 The ITAT Visakhapatnam addressed the reopening of assessment under section 147 of the Income Tax Act for AY 2006-07, focusing on the inclusion of land cost in deemed sale consideration and computation of construction cost. The ITAT ruled in favor of the assessee, stating that the cost of land owned and relinquished should not be added to the deemed consideration. Additionally, the ITAT upheld the lower rate advocated by the assessee for the cost of construction based on the incomplete status of the building. The ITAT dismissed the Revenue's appeal and allowed the assessee's cross objections, ultimately ruling in favor of the assessee. Case-Laws Income Tax Fri, 08 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424941