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

Income Tax

August 31, 2022

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 ...

Income Tax

August 31, 2022

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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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