Expenditure u/s 37 - As per the guidance note of ICAI on accounting for real estate transactions as...

Expenditure u/s 37 - As per the guidance note of ICAI on accounting for real estate transactions as revised in the year 2012, selling overheads and indirect cost incurred for the project are booked directly to the profit and loss account as the expense and is not part of construction cost or development cost - AO is not correct in taking all the selling and market expenses to the WIP .....

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