Tribunal Upholds Property Classification, Orders Fresh Review on PF/ESI, Allows Section 43CA Addition, Windmill Deductions.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....The assessee, a company engaged in development/construction and sale of flats and plots, had classified its properties into four categories: flats open for sale, let-out flats, self-occupied flats, and flats under litigation. The Tribunal upheld the exclusion of let-out properties from Annual Lettable Value (ALV) calculation, following its earlier orders. For properties under litigation, the issue was restored to the Assessing Officer to examine evidence for non-inclusion of ALV. For self-occupied properties, the Tribunal upheld the CIT(A)'s decision to exclude ALV, as per Section 22 of the Act. Regarding windmill income, the Tribunal directed the Assessing Officer to allow deduction for expenses incurred during the first three months, corr.........