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2023 (10) TMI 970 - ITAT MUMBAIApportioning of project expenses - Interest, selling and marketing expenses, and other expenses - as per AO finance cost has a direct nexus with the specific projects and once the interest is attributable to the project, the same is allowable as business expenditure in the ratio of revenue offered from the project - such expenses should have been allowed only to the extent attributable to the revenue offered and the rest amount capitalized to the Work-in-progress - CIT(A) deleted the addition - HELD THAT:- CIT(A) deleted the addition made by the AO by transferring the expenses to the work in progress. During the hearing, AR submitted that CIT(A) has noted the facts of some other case. Both sides pointed out that in assessee’s own case, for the assessment years 2012-13 and 2013-14 [2022 (11) TMI 1409 - ITAT MUMBAI] the coordinate bench of the Rustomjee Constructions Private Limited [2023 (4) TMI 1152 - ITAT MUMBAI] has restored this issue to the file of the learned CIT(A) for de novo adjudication. Accordingly, both sides agreed that the issue arising in the present appeal be also restored to the file of learned CIT(A) for a fresh adjudication. Therefore, in view of the above, we set aside the impugned order and restore the matter to the file of the learned CIT(A) for de novo adjudication. As a result, the sole ground raised by the Revenue is allowed for statistical purposes.
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