2001 (10) TMI 37 - HC - Income Tax

Summary

The High Court of Madras ruled in favor of the assessee in a case regarding allocation of overhead expenses to incomplete construction projects. The court upheld the method consistently followed by the assessee, which had been accepted by the Revenue in earlier years. The disallowance of overhead expenses for incomplete project was deleted for assessment years 1987-88 and 1988-89. (Case citation: 2001 (10) TMI 37 - MADRAS High Court)