https://www.taxtmi.com/caselaws?id=459664 ITAT Raipur held that real estate business commences with land acquisition, not project completion or first sale. Administrative and selling expenses were allowable as period costs, not pre-operative expenses. Cash payments for land purchases were permitted given genuine transactions and payee identity verification. Additions based on loose papers found at third-party premises without assessee's name or proper verification were deleted. Short-term capital gain addition was rejected as profits were already reflected in accounts. Revenue's appeal was dismissed across all grounds. en-us Mon, 16 Apr 2018 00:00:00 +0530 Sat, 21 Dec 2024 21:24:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459664 ITAT Raipur held that real estate business commences with land acquisition, not project completion or first sale. Administrative and selling expenses were allowable as period costs, not pre-operative expenses. Cash payments for land purchases were permitted given genuine transactions and payee identity verification. Additions based on loose papers found at third-party premises without assessee's name or proper verification were deleted. Short-term capital gain addition was rejected as profits were already reflected in accounts. Revenue's appeal was dismissed across all grounds. Case-Laws Income Tax Mon, 16 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459664