ITAT allowed builder to adjust rent received against WIP as it was linked with development of Property

M/s. Sun Enterprise Vs ITO (ITAT Mumbai) Assessee is engaged in the business of builder and developer. The assessee was in the possession of Datar Block property which it was in the process of developing. The said property had some tenants. The assessee had to pay large amounts of money in order to get the property vacated. These sums paid have been capitalized in work-in-progress which has been accepted by the Assessing Officer. However, for the same property, the tenants had paid rent also which were treated by the assessee by crediting to the work-in-progress. However, the Assessing Officer...