https://www.taxtmi.com/caselaws?id=433782 The Tribunal directed the Assessing Officer to estimate the profit at 7.71% on work-in-progress transferred to a sister concern, based on the profit declared by the sister concern. The Tribunal upheld the deletion of a liability shown as payable to the sister concern, recognizing it as part of the project. The Tribunal dismissed the Revenue's claim for addition on account of land cost claimed as expenses, stating the information was not fresh evidence. Rectification application under Section 154 was allowed for interest expenditure and transfer of sundry creditors. The Tribunal upheld the classification of income from the Business Centre as business income and the deduction of interest paid to the Bank of Maharashtra. The addition on account of transfer of sundry creditors was deleted as the liability was transferred to the sister concern. en-us Mon, 30 Jan 2023 00:00:00 +0530 Thu, 09 Feb 2023 09:59:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433782 The Tribunal directed the Assessing Officer to estimate the profit at 7.71% on work-in-progress transferred to a sister concern, based on the profit declared by the sister concern. The Tribunal upheld the deletion of a liability shown as payable to the sister concern, recognizing it as part of the project. The Tribunal dismissed the Revenue's claim for addition on account of land cost claimed as expenses, stating the information was not fresh evidence. Rectification application under Section 154 was allowed for interest expenditure and transfer of sundry creditors. The Tribunal upheld the classification of income from the Business Centre as business income and the deduction of interest paid to the Bank of Maharashtra. The addition on account of transfer of sundry creditors was deleted as the liability was transferred to the sister concern. Case-Laws Income Tax Mon, 30 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433782