Labor Expenses Capitalised in Land value, No Deduction claimed in P & L Account: ITAT deletes Addition of 1.74 crore [Read Order]

The Labor expenses were capitalized in the value of land, no deduction was claimed by the assessee in profit & loss account
Labor Expenses Capitalised - Land value-No Deduction claimed in P & L Account-ITAT - taxscan

The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition of 1.74 crore after finding that labor expenses capitalized in land value did not warrant deduction claimed in the Profit & Loss Account. The facts in brief are that the assessee in the present case is an individual deriving his…

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