Notional Valuation cannot be made a Basis for Addition: ITAT deletes Addition of Closing Construction WIP [Read Order]

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The Income Tax Appellate Tribunal (ITAT), Mumbai Bench has held that notional valuation cannot be made a basis for addition and deletes addition of closing construction work-in-progress (WIP). The appellant, HCC Samsung Joint Venture, is a joint venture formed between M/s Hindustan Construction Company Ltd. (HCC) and Samsung C & T Corporation to execute the…

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