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2019 (5) TMI 1066

l the selling and market expenses to WIP as project had been completed to an extent of less than 30%, the revenue receipts were shown as advance from customers under the head ‘current liability’ - CIT-A agreed with the Assessee by following the guidance note of ICAI as regards accounts of real estate transactions and held that the AO was in error in taking all the selling and market ex .....

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allowed irrespective of any link with the construction of work in-progress. - Decided against revenue - ITA 488/2019 - 13-5-2019 - S. MURALIDHAR AND I.S. MEHTA JJ. Appellant Through: Mr Ruchir Bhatia, Advocate. Respondent Through: None O R D E R CM 22698/2019 (delay) 1. For the reasons explained in the application, the delay in filing the appeal is condoned and the application is allowed. ITA 488/ .....

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. It adopted the project completion method for recognition of revenue. Since the project during the year in question had been completed to an extent of less than 30%, the revenue receipts were shown as advance from customers under the head current liability . The contention of the Revenue was that the expenditure to an extent of ₹ 1,72,25,470/- should have been taken as work in progress inst .....

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ertisement and business promotion expenses which was in the nature of advertising and sales promotion for launching of, its residential project. and attracting the customers. AO has treated expenditure to the extent of ₹ 1,72,25,470/- to be part of work in progress because assessee has not disclosed any income from such a project. It is further not in dispute that assessee has not disclosed .....

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f incurring of these expenditures too have been admitted by the AO. Ld. CIT (A) after taking note of such guidance note of ICAI and also the accounting standard has given a categorical finding that selling and marketing expenses being indirect expenditure cannot be taken to the work in progress and therefore such a disallowance made by the AO treating it to part of work-in-progress has rightly bee .....

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