2025 (3) TMI 1898

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....: Shri Abhijit Adhikari, JCIT ORDER PER RAJESH KUMAR, ACCOUNTANT MEMBER: The present appeal filed by the assessee for the assessment year 2013-14 against the order dated 19.04.2024 of the Commissioner of Income Tax (Appeals)-12, Mumbai [hereinafter referred to as 'CIT(A)'] u/s 250 of the Income Tax Act (hereinafter referred to as the 'Act'). 2. The only issue raised by the assessee is ....

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....ssment proceedings held that since the project for which the expenses were incurred was not completed during the year and no revenue was generated, therefore, the project marking expenses were not allowable and accordingly the same were added to the total income of the assessee in an assessment framed u/s 143(3) dated 02.03.2016 assessing the net loss of revenue at Rs. 2,95,808/- against the total....

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....uent year would be set off against the revenue generated from the sale of commercial properties and if not allowed during the year, then the cost of work-in-progress has to be adjusted upwardly and accordingly, the income of the assessee would be computed. Therefore, if we sustain the addition in the current year, it has to be allowed in the subsequent years when the project was sold but consideri....