Taxability of profits arising on sale of three flats through ...

No tax on flat sales as construction costs exceed proceeds; assessing officer's profit addition must be removed.

July 6, 2021

Case Laws Income Tax AT

Taxability of profits arising on sale of three flats through execution of sale deeds - proportionate cost of construction for three flats out of total eight flats comes is higher than the total amount received during the year resulting in shortfall - in absence of any surplus, the question of taxability doesn’t arise for consideration and addition of profits made by the AO deserve to be deleted - AT

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Taxability of profits arising on sale of three flats through ...

No tax on flat sales as construction costs exceed proceeds; assessing officer's profit addition must be removed.

July 6, 2021

Case Laws Income Tax AT

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