TMI Blog2018 (12) TMI 602X X X X Extracts X X X X X X X X Extracts X X X X ..... hey have claimed a total expenditure of ₹ 11,30,92,666/- and admitted value of work in progress to the extent of ₹ 10,61,14,603/-. AO, while completing the assessment under Section 143(3) vide order dated 07.03.2001, opined that the indirect expenses incurred to the extent of ₹ 69,52,063/-, should not be incurred in the work in progress. This, according to the subsequent offic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tice N. Sathishkumar For the Appellant : Mr.M.Swaminathan For the Respondent : Mr.T.Suryanarayana for M/s.King Partridge JUDGMENT T.S.SIVAGNANAM, J. This appeal by the assessee is directed against the order of the Income Tax Appellate Tribunal Madras 'D' Bench, dated 14.03.2008 in ITA No.1849/Mds/2006, for the Assessment year 1998-99. 2. Heard Mr.M.Swaminath ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (3) r/w Section 147 of the Act and we find that the Assessing Officer has taken all the figures from the Profit and Loss Account filed by assessee along with the return of income, wherein, they have claimed a total expenditure of ₹ 11,30,92,666/- and admitted value of work in progress to the extent of ₹ 10,61,14,603/-. The Assessing Officer, while completing the assessment under Sec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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