https://www.taxtmi.com/caselaws?id=444914 Advances received against sale of flats were held unsupported for addition where the receipts were backed by construction and sale records, the flats were reflected in the books in later years, and tax had been paid on the corresponding sales; unserved notices under section 133(6) were not enough to treat the advances as bogus, so the addition was deleted. An ad hoc disallowance of project expenses was also deleted because the expenditure was supported by bills and vouchers, related to the construction project, and had largely been carried forward to work-in-progress; an arbitrary percentage disallowance without proper basis was unsustainable. en-us Thu, 12 Oct 2023 00:00:00 +0530 Thu, 26 Oct 2023 07:40:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444914 Advances received against sale of flats were held unsupported for addition where the receipts were backed by construction and sale records, the flats were reflected in the books in later years, and tax had been paid on the corresponding sales; unserved notices under section 133(6) were not enough to treat the advances as bogus, so the addition was deleted. An ad hoc disallowance of project expenses was also deleted because the expenditure was supported by bills and vouchers, related to the construction project, and had largely been carried forward to work-in-progress; an arbitrary percentage disallowance without proper basis was unsustainable. Case-Laws Income Tax Thu, 12 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444914