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TAXATION IN CASE OF PART OC.
We are following Project competition method for income determination of a builder, the project is mixed(residential and commercial) we have received OC for the commercial portion, how will it affect from Income tax point of view? and if the commercial part is offered to tax, how to calculate the cost against it. any rule or supporting section for the same?
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Cost for the preceding years might have been already claimed in those years. you have to account for expenses incurred in current year only
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