‘Non Saleable Area’ in Real Estate Projects not amounts to Suppression of Closing Stock, Addition not permissible: ITAT [Read Order]

ITAT - Addition - Non Saleable Area - Real Estate Projects - Stock - Suppression - Closing Stock - taxscan

The Delhi bench of the Income Tax Appellate Tribunal(ITAT) has held that a ‘Non-saleable area’ in real estate projects does not amount to suppression of closing stock and addition is not permissible. Trehan Promoters and Builders Pvt. Ltd, the assessee was engaged in the business of purchase, construction, development and sale of commercial IT space…

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