Addition in respect of closing construction work-in-progress ...

Court Rules No Addition for Increased WIP Valuation Due to Unchanged Inventory Count in Financial Statements vs. MIS Account.

August 31, 2022

Case Laws Income Tax AT

Addition in respect of closing construction work-in-progress (WIP) - Valuation - When there is no change in number of items of inventory of construction WIP as shown in the first set of financial statement as well as second set (MIS account) of financial statement, then only difference is that in MIS account construction WIP has been valued higher by the amount of Rs.32.29 crores only, for the purpose of consolidated account of the venture partner. - no addition could be made for higher valuation of the stock - AT

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Addition in respect of closing construction work-in-progress ...

Court Rules No Addition for Increased WIP Valuation Due to Unchanged Inventory Count in Financial Statements vs. MIS Account.

August 31, 2022

Case Laws Income Tax AT

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