Addition of security deposit sustained as not refunded to Developer even after seven years

Advertisement Jindal Construction Vs ITO (ITAT Delhi) ITAT Delhi held that addition of interest free security deposit sustained as the same is not refunded to the Developer even after lapse of more than seven years by merely stating that the Developer had not provided completion certificate. Facts- The case of the assessee was reopened on the basis that the assessee had not filed any return of income, though it entered into transaction of large magnitude. Therefore, the case of the assessee was reopened u/s. 147 of the Income-tax Act, 1961. A notice u/s. 148 of the Act was issued and served...