Project Loss Claim Allowed, Real Estate Expenses Recognized as Genuine

DCIT Vs Savvy Infrastructure Pvt Ltd (ITAT Ahmedabad) Project Loss Claim of Real Estate Developer Accepted – Business Expenditure Found Genuine- Ahmedabad ITAT Upholds CIT(A)’s Order Savvy Infrastructure Pvt Ltd, a real estate developer, filed its return declaring income of ₹1,99,420/-. During scrutiny assessment u/s 143(3), AO noted that the Assessee had claimed a project loss of ₹1,21,93,308/- in respect of the Sierra Project, shown under “Other Expenses.” AO disallowed the claim & treated it as unexplained expenditure u/s 69C, observing that no proper supporting documents we...