https://www.taxtmi.com/caselaws?id=446173 The ITAT Delhi ruled against the revenue in a case involving deemed profit on transfer of work-in-progress land measuring 47.01 bigha. The assessee company maintained the land as WIP in its books and denied any sale. The AO failed to provide evidence supporting the alleged sale of 3600 sq. yards or receipt of consideration. The tribunal found no material basis for the estimated addition made by the AO, noting that another entity had confirmed the sales in its own books. The addition was deleted. en-us Wed, 25 Oct 2023 00:00:00 +0530 Sat, 25 Nov 2023 10:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446173 The ITAT Delhi ruled against the revenue in a case involving deemed profit on transfer of work-in-progress land measuring 47.01 bigha. The assessee company maintained the land as WIP in its books and denied any sale. The AO failed to provide evidence supporting the alleged sale of 3600 sq. yards or receipt of consideration. The tribunal found no material basis for the estimated addition made by the AO, noting that another entity had confirmed the sales in its own books. The addition was deleted. Case-Laws Income Tax Wed, 25 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446173