ITAT upholds telescoping of expenses to avoid double addition of unaccounted cash

Ginger Properties Private Limited Vs ACIT (ITAT Ahmedabad)  Ginger Properties Private Limited, a real estate developer involved in the “Sankalp Grace-II” commercial project, is embroiled in a tax dispute with the Assistant Commissioner of Income Tax (ACIT), as cross-appeals for the assessment years 2018-19 and 2019-20 were heard and decided by the Income Tax Appellate Tribunal (ITAT) Ahmedabad. The core of the contention stems from a search and seizure operation conducted on October 30, 2018, which unearthed handwritten diaries, loose papers, and other documents pointing to signif...