In the result, the appeals of the Revenue for the A
Bench: Shri Rajpal Yadav Hon'Ble & Shri Manish Borad(Virtual Hearing)
depreciation as the assessee carried out the activities of development of project as an investor and not as a builder. The Ld. CIT(A) further stated that 31 Mohanlal Chugh & others without bringing any corroborative evidence on record the profit of the project cannot be estimated @30%. The Ld. CIT(A) relied upon the decision of Hon’ble Supreme Court