were debited to the Profit &
Loss Account. In 'Parijat' Project, the assessee-company had constructed
150 flats having total area ... progress and debited
to the profit & loss account. Similarly 64,610 sq.ft. of the total
constructed area of 'Pratyee' Project having
appellant is Property Developer. The appellant claimed loss on sale
of landed property as business loss but after applying Section ... 2232/Kol/2016
A.Y 2011-12
M/s. Nadia Constructions P.Ltd
Income Tax Act, 1961, the same has been taxed as Short Term
Deputy Commissioner of Income-tax, Vs. Tantia Constructions Limited
Central Circle-XIII, Kolkata.
(Appellant) (Respondent)
Date of hearing: 23.08.2016
Date of pronouncement ... Tantia Constructions Limited
Assessee Appeals
2. The only issue to be decided in the appeals of the assessee is as to whether the retention
money
Foreseeable Losses
13.1 When current estimates of total contract costs and revenues
indicate a loss, provision is made for the entire loss on the contract ... accounted for such loss in its profit & loss account. In this regard we find
that the loss was adjusted against the revaluation reserve
assessing officer has gone through the profit and
loss account and noted that the profit and loss account, in respect of M/s Balaji ... been debited in the profit & loss account as revenue expenditure."
The details of constructions at such sites, as furnished by the assessee
company during the year
had constructed and sold a commercial project named as 'Time Tower',
wherein a loss ... assessee was running four different
projects in various cities and to construct these projects, the assessee
has raised loans from its group companies
portion. According to the AO, therefore, the loss incurred by the assessee in this regard represents further constructive payment towards acquisition of Part ... assessee in respect of the loss by holding the expenditure to be of capital nature and furthermore being constructive payment towards the price of shares
assessee at Rs 2.27 crores.
ITA No.1269/Kol/2025
New Way Constructions Ltd
3. Being aggrieved by the said order, the assessee filed ... 1269/Kol/2025
New Way Constructions Ltd
by the assessee that the assessee has shown profit & loss from the
business other than speculative business
assessee is a builder and in business of constructing flats and selling them.
Profit and Loss account of assessee shows that during the year under
sale of undivided shares in the interest of land and building constructed thereon, as short-term capital gains, when he should have accepted the claim ... sale of undivided shares in the interest of land and building constructed thereon, separately, where the capital gains on the sale of the undivided shares
