Cash Advances Not Taxable Before Project Completion Under PCM

BSR Builders Engineers Contractors Vs DCIT (ITAT Chennai) On-Money Advances, Retraction Statements, Notional Rent Section 68 Issues Decided: ITAT Chennai Largely Upholds CIT(A) in BSR Builders Case The Chennai Bench of the ITAT disposed of cross-appeals and cross-objections filed by the assessee and the Revenue for AYs 2016-17 and 2017-18 in the case of BSR Builders Engineers Contractors, delivering a detailed ruling on multiple substantive and procedural issues. For AY 2016-17, the Tribunal dismissed the Revenue’s appeal and upheld the CIT(A)’s deletion of major additions. The ITAT held t...