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TMI Blog2013 (1) TMI 964X X X X Extracts X X X X X X X X Extracts X X X X ..... 07-08. 2. The first issue in the appeal of the assessee is against the finding of the CIT(A) that expenditure of ₹ 93,68,007/- should have been included in the value of WIP and confirming the business expenses of ₹ 6,00,355/- towards software expenses being capital in nature. 3. Brief facts in this regard are that the assessee is in business of construction and development of bui ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is going on, therefore, he held that all the expenses claimed in the profit and loss account should have been shown under the head WIP. Accordingly, he disallowed the claim of the assessee claiming various expenses in the profit and loss account totaling to ₹ 93,68,007/-. The AO also noted that the assessee has claimed business expenses of ₹ 6,00,355/- on account of software expenses. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion to Municipal Corporation of Greater Mumbai on 17-6-2006. It was further submitted that out of development expenses of ₹ 76 crores, the expenses related to development of industrial park property were carried forward under work in progress in the balance sheet and which were not directly related to the said development activity were charged to profit and loss account. I further found tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee is against treating the interest income of ₹ 1,20,912/- as income from other sources. The interest income was earned on FDR, therefore, the AO treated the same as income from other sources. The CIT(A) has confirmed the same. 7. After considering the order of the AO and CIT(A), I found that this issue also needs reverification. It was pleaded by the learned AR of the assessee that th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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