Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2007 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2007 (8) TMI 339 - MADRAS HIGH COURTDeduction of business expenditure – civil construction – completion of contact – application of accounting standard – held that - as per Clause 21 of the Accounting Standard 7, expenditure could be allowed depending on the stage to which contract work was completed. The authorities below have rightly rejected the claim of the assessee on the estimated loss. The Tribunal had only remanded the claim to the assessing officer with a direction to determine the stage to which project was completed during the relevant year and allow the expenditure accordingly, which is permissible as per clause 21 of the Accounting Standard 7
|