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Income Tax - Highlights / Catch Notes

Home Highlights July 2019 Year 2019 This

Computation of ‘Cost of Sales’ and closing value of land - ...

Income Tax

July 23, 2019

Computation of ‘Cost of Sales’ and closing value of land - matching concept for determination of true profits - where the sale revenue has been recognized on the basis of FSI sold, the costs of FSI also needs to be determined on the same principles - The determination of ‘Cost of Sales’ in terms of geographical area would give totally distorted picture - not permitted

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