Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2007 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2007 (7) TMI 292 - MADRAS HIGH COURTContract with land owners for developing land by constructing flats - assessee planned to construct 24 flats by obtaining the exemption from the Government by dividing the land cost among the 24 flat owners - Subsequently, due to objection from public, the assessee constructed only 16 flats - compensation amount paid by the assessee to the land owners towards the undivided share of land which was not sold - assessee was not in a position to collect the total price from the flat owners. Hence, loss was incurred for the purpose of carrying on the business and it is deductible as business expenditure
|