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2007 (10) TMI 315 - ITAT BOMBAY-GAdvertisement expenditure - treating such expenditure as capital work-in-progress - HELD THAT:- We feel that once it is held that these advertisement expenses have to be capitalized in work-in-progress of individual project, opening balance of work-in-progress of individual project will go up in the relevant year when these projects were completed and in that year, income has to be computed after considering increased opening work-in-progress of the relevant project. Accordingly, we direct the AO that in the year when these projects i.e. Millennium Gardens and Madhuban projects were completed, income on account of these projects should be computed after considering increased opening balance of work-in-progress due to addition of advertisement expenses in work-in-progress of these projects in the present year. With these observations, appeal of the Revenue for AY 2001-02 under reference is therefore disposed of. In the result, this appeal of the Revenue is allowed pro tanto.
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