https://www.taxtmi.com/caselaws?id=445644 ITAT Mumbai allowed the assessee's appeal regarding profits on sale of flats. The Tribunal deleted the disallowance of Rs. 10,32,70,436/- relating to additional construction costs for Towers I-V, finding the claimed cost of Rs. 3,438/- per sq.ft. reasonable compared to rates communicated by the contractor. The Tribunal upheld CIT(A)'s decision allowing land acquisition costs at Rs. 260 based on valuation reports, rejecting revenue's contention that land was vacant under ULC regulations. Interest on HDFC Bank loans for settling employee dues was allowed as development cost since it facilitated providing clear marketable title to the developer. en-us Fri, 28 Jul 2023 00:00:00 +0530 Sat, 11 Nov 2023 10:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445644 ITAT Mumbai allowed the assessee's appeal regarding profits on sale of flats. The Tribunal deleted the disallowance of Rs. 10,32,70,436/- relating to additional construction costs for Towers I-V, finding the claimed cost of Rs. 3,438/- per sq.ft. reasonable compared to rates communicated by the contractor. The Tribunal upheld CIT(A)'s decision allowing land acquisition costs at Rs. 260 based on valuation reports, rejecting revenue's contention that land was vacant under ULC regulations. Interest on HDFC Bank loans for settling employee dues was allowed as development cost since it facilitated providing clear marketable title to the developer. Case-Laws Income Tax Fri, 28 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445644