Value of TDR and the value of fully constructed industrial building can not stand on equal footing – ITAT Mumbai

ITO Vs Basic Chemicals & Allied Industries Pvt. Ltd. ITAT MUMBAI ITA No. 3287/Mum/2010 Assessment year- 2006- 07 ORDER This appeal preferred by the Revenue is directed against the order dated 1.2.2010 passed by the ld. CIT(A)-4 for the Assessment Year 2006-07-.2. The facts of the case in brief are that the assessee is engaged in construction activity. It has completed Phase I of a project at Malad comprising construction of  industrial galas called “Aditya Industrial Estate”. During the year  it  Commenced Phase II comprising of  additional galas in the same project. F...