https://www.taxtmi.com/highlights?id=104692 Mandatory reversal of GST input tax credit attributable to unsold units on project completion converts the extinguished credit into an irrecoverable project cost, deductible as business expenditure when final project-wise allocation crystallises. The reversal is not a voluntary write-off or correction of an earlier error, even where no fresh cash payment arises, because GST on inputs has been paid and the related credit becomes unrecoverable. The deduction for credit attributable to unsold completed units is allowable in AY 2022-23. A related post-completion provision requires examination in AY 2023-24 and may be allowed in only one assessment year to prevent double deduction. en-us Thu, 08 Oct 2026 08:45:20 +0530 Thu, 08 Oct 2026 08:45:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=104692 Mandatory reversal of GST input tax credit attributable to unsold units on project completion converts the extinguished credit into an irrecoverable project cost, deductible as business expenditure when final project-wise allocation crystallises. The reversal is not a voluntary write-off or correction of an earlier error, even where no fresh cash payment arises, because GST on inputs has been paid and the related credit becomes unrecoverable. The deduction for credit attributable to unsold completed units is allowable in AY 2022-23. A related post-completion provision requires examination in AY 2023-24 and may be allowed in only one assessment year to prevent double deduction. Highlights Income Tax Thu, 08 Oct 2026 08:45:20 +0530 https://www.taxtmi.com/highlights?id=104692