ITAT deletes presumptuous addition made without application of mind

Sudhir Chandra Datt Vs ACIT (ITAT Jabalpur) It is an admitted fact that the Township project, work-in-progress (WIP) of which it claims as undervalued, is on the outskirts of Jabalpur, as opposed to the other two, located in the midst of the city. Land cost is a substantial part of a real estate project cost. Land prices may vary considerably even within the city, while the Township project is outside of the city limits whereat, on account of underdevelopment of the area and the distance involved (from the main city), the land prices are much lower. It is in fact for this economic reason that ...