https://www.taxtmi.com/caselaws?id=757157 ITAT Delhi ruled on multiple issues involving a property development company. The tribunal favored the assessee on ALV calculations for rented properties and self-occupied business premises, following previous decisions. For properties under litigation, the matter was restored to AO for fresh examination with proper evidence. Regarding windmill sales income for first three months, the tribunal directed AO to allow corresponding expense deductions. The 50% ALV reduction for basement areas was upheld as reasonable given usage restrictions. Employee PF/ESI disallowance was remanded for factual verification, while section 43CA addition was allowed in revenue's favor. en-us Wed, 31 Jan 2024 00:00:00 +0530 Wed, 14 Aug 2024 11:48:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757157 ITAT Delhi ruled on multiple issues involving a property development company. The tribunal favored the assessee on ALV calculations for rented properties and self-occupied business premises, following previous decisions. For properties under litigation, the matter was restored to AO for fresh examination with proper evidence. Regarding windmill sales income for first three months, the tribunal directed AO to allow corresponding expense deductions. The 50% ALV reduction for basement areas was upheld as reasonable given usage restrictions. Employee PF/ESI disallowance was remanded for factual verification, while section 43CA addition was allowed in revenue's favor. Case-Laws Income Tax Wed, 31 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757157