https://www.taxtmi.com/caselaws?id=450935 ITAT Mumbai upheld CIT's revision order under section 263 directing AO to examine deemed rental value of unsold flats under section 23(5) provisions, finding AO failed to make specific enquiries despite calling for information. However, ITAT set aside CIT's direction regarding method of accounting for revenue recognition, ruling that AO had applied mind and accepted assessee's consistent project completion method which was previously accepted by revenue authorities. The assessee's appeal was partly allowed. en-us Tue, 12 Mar 2024 00:00:00 +0530 Sat, 16 Mar 2024 07:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450935 ITAT Mumbai upheld CIT's revision order under section 263 directing AO to examine deemed rental value of unsold flats under section 23(5) provisions, finding AO failed to make specific enquiries despite calling for information. However, ITAT set aside CIT's direction regarding method of accounting for revenue recognition, ruling that AO had applied mind and accepted assessee's consistent project completion method which was previously accepted by revenue authorities. The assessee's appeal was partly allowed. Case-Laws Income Tax Tue, 12 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450935