https://www.taxtmi.com/caselaws?id=761106 Gujarat HC held that Section 41(1) read with Section 28(iv) provisions were not applicable where assessee received advances for an unimplemented project but never returned the amount due to financial constraints. The court upheld concurrent findings by CIT(Appeals) and Tribunal that assessee derived no benefit from the transaction, having reinvested the advance in group company shares which were later sold at loss without claiming set-off. The addition was deleted, deciding in favor of assessee. en-us Tue, 15 Oct 2024 00:00:00 +0530 Tue, 05 Nov 2024 07:38:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761106 Gujarat HC held that Section 41(1) read with Section 28(iv) provisions were not applicable where assessee received advances for an unimplemented project but never returned the amount due to financial constraints. The court upheld concurrent findings by CIT(Appeals) and Tribunal that assessee derived no benefit from the transaction, having reinvested the advance in group company shares which were later sold at loss without claiming set-off. The addition was deleted, deciding in favor of assessee. Case-Laws Income Tax Tue, 15 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761106