No addition u/s 50C of IT Act when Income from Project of Redevelopment determined under PGBP: ITAT [Read Order]

ITAT Mumbai - ITAT - Income Tax - profit and gains of business of profession - PGBP - Income Tax Act - Taxscan

The Income Tax Appellate Tribunal ( ITAT ), Mumbai  bench ruled that no addition shall be made under Section 50C of the Income Tax Act, 1961 when income from project of redevelopment determined under profit and gains of business of profession ( PGBP ). The Assessee Tirupati Developers is a partnership firm engaged in the…

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