Section 23(5)

ITAT Fixes ALV on Unsold Inventory; Disallows Unsupported Expenses M/s. Haware Engineers and Builders Pvt. Ltd., a real estate developer, filed its income tax returns for AYs 2016-17 and 2017-18. During the assessment, the Assessing Officer noted that the company had several completed flats and shops that remained unsold and were reflected as stock-in-trade. The…