TMI Blog2010 (6) TMI 780X X X X Extracts X X X X X X X X Extracts X X X X ..... This is an appeal by the assessee and it relates to the assessment year 2005-06. The assessee is engaged in real estate development and civil construction. The assessee at the relevant time was engaged in 19 projects, out of which only the project called Orchid had income eligible for the deduction under section 80-IB of the Act. In the return of income the assessee declared profit of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 69,74,430/-. This was allocated against the profit from Orchid and only the balance of ₹ 6,99,68,654/- was allowed as a deduction under section 80-IB of the Act. 2. The assessee questioned the method of allocation of indirect expenses in the appeal filed before the CIT(A), who however agreed with the Assessing Officer that the indirect expenses should also be allocated in the same ratio a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ciple should be applied. The details of the work in progress in respect of the various projects were also furnished at page 14 of the Paper Book. 4. The learned Departmental Representative does not dispute the contention of the assessee that as held by the order of the Tribunal cited supra, the indirect expenses should be allocated on the basis of the work in progress. He however contended that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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