2015 (3) TMI 403

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..... pment of cost of group housing residential projects at 30% whereas in the case of development of plots it could claim 50% towards cost - Held that:- This Court notices that the guidance note was issued in 2012 and could not have been the basis for the additions made. Under such circumstances, in our opinion, the correct approach should be to examine the reasonableness of claim rather than strictl .....

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..... icer (AO) held that the applicable standard was AS-7 rejecting the assessee's arguments with regard to differential treatment of revenue on the basis of whether it was development of plots or construction of flats. The assessee had inter alia contended that AS-9 has provided the flexibility to treat development of cost of group housing residential projects at 30% whereas in the case of develop .....

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