Expenditure u/s 37 - As per the guidance note of ICAI on ...

Case Laws Income Tax

May 19, 2019

Expenditure u/s 37 - As per the guidance note of ICAI on accounting for real estate transactions as revised in the year 2012, selling overheads and indirect cost incurred for the project are booked directly to the profit and loss account as the expense and is not part of construction cost or development cost - AO is not correct in taking all the selling and market expenses to the WIP

View Source

← Previous Next →

Expenditure u/s 37 - As per the guidance note of ICAI on ...

Case Laws Income Tax

May 19, 2019

You may also like:

Allowable business expenditure u/s 37 - AO was in error in taking all the selling and market expenses to WIP ignoring the guidance note of ICAI as regards accounts of...

Claim of deduction - lease equalization charge - After referring to the Guidance Note on Accounting for Leases, revised in the year 1995, Supreme Court held that method...

Determination of income - The Tribunal agreed with the Ld. CIT(A)'s finding that the assessee, a real estate developer, has consistently followed the Project Completion...

Nature of selling and marketing expenses - Revenue or Capital Expenditure - Treatment to the expenses while recognition of income - Guidance Note on Accounting for Real...

Rejection of books of accounts - recognition of income - Development of housing project - assessee has not followed percentage completion method as per the Guidance Note...

Revenue recognition - Acceptability of correct method of accounting as per accounting standard and revised guidance note - As stated earlier the Accounting standards and...

ICAI guidance notes on XBRL certification.

GUIDANCE NOTE ON MAINTENANCE OF COST ACCOUNTING RECORDS FOR CONSTRUCTION INDUSTRY INCLUDING REAL ESTATE AND PROPERTY DEVELOPMENT ACTIVITY

Entitled to deduction of lease equalization charge - There is no force in the contentions of the Revenue that the accounting standards prescribed by the Guidance Note...

Classification of services - Real estate agent services or not - it is not merely the real estate consultant but any person who facilitates getting any property /real...

Deduction on account of lease equalization charges from lease rental - No force in the contentions of the Revenue that the accounting standards prescribed by the...

Levy of service tax - real estate agent - collecting transfer/administrative charges - Referring to precedents, the Tribunal affirmed that charges for changes in...

Disallowing foreign exchange loss - claim of exchange fluctuation loss in revenue account by the Assessee in accordance with generally accepted accounting practices and...

Allowability of fine and penalty as per section 37 - the ‘FINE’ paid by the Assessee is allowed as expenditure u/s 37(1) the amount paid as ‘penalty’is an inadmissible...

Classification of services - real estate agent service or not - sale of agricultural plot - When a person from the first day enters into an agreement to purchase some...

Quick Updates: