Disallowances of interest and capitalizing in inventory of work in progress - matching concept - it is...

Disallowances of interest and capitalizing in inventory of work in progress - matching concept - it is an admitted position that the assessee has not offered revenue from the project to tax on the grounds that it is the first year of operations and less than 15% of the project is completed. Therefore, applying the matching principle, the interest incurred needs to be transferred to WIP and would be liable to be claimed in the year that revenue is earned - AT .....

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