Capitalization of land for project expenses - Since, land was in pursuant to JDA and assessee has not...

Capitalization of land for project expenses - Since, land was in pursuant to JDA and assessee has not paid any consideration for land, the question of capitalization of cost of land of 48 row houses does not arise. Therefore, under these facts and circumstances, we are of the considered view that since the lands were never purchased by the assessee nor any consideration was paid with respect to sale, the question of capitalization of said cost does not arise. Notwithstanding to the above, it is ..... .....

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