Supreme Court Upholds ALV Addition for Unsold Units; CIT(A)'s Deletion Reversed, Taxability of Vacant Lands Reassessed.

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Supreme Court Upholds ALV Addition for Unsold Units; CIT(A)'s Deletion Reversed, Taxability of Vacant Lands Reassessed.

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....Annual letting value (ALV) of unsold residential units treated as stock-in-trade was added as income from house property. CIT(A) deleted the addition. High Court affirmed ALV addition in assessee's own case for earlier years. Supreme Court upheld High Court's view. CIT(A)'s deletion cannot be sustained. Issue of taxability of vacant lands restored to AO for verification. Regarding allocation of expenses for computing deduction u/s 80IB(10), CIT(A) rightly allocated advertisement expenses based on average of earlier years and allocated directors' meeting fees as no evidence showed no agenda related to eligible projects. CIT(A) correctly did not allocate interest on borrowed funds as projects were running in surplus. Setting off of losses aga.........

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Supreme Court Upholds ALV Addition for Unsold Units; CIT(A)'s Deletion Reversed, Taxability of Vacant Lands Reassessed.