Addition of revaluation of closing WIP - the work in progress ...

Income Tax

June 1, 2019

Addition of revaluation of closing WIP - the work in progress followed at cost + net profit so as to bring the contract revenue for the period lying with the requirement of AS 7 as prescribed by ICAI and adopted u/s 145 - method of accounting consistently followed year after year - adhoc addition wrongly made

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Addition of revaluation of closing WIP - the work in progress ...

Income Tax

June 1, 2019

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Value determined by the City Civil court considered by the AO as the closing WIP acceptable - AT

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Entitlement to loss on revaluation of the closing stock - a claim which is not substantiated by proper documentation cannot be allowed to the assessee - AT

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