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

ICAI Guidance: Selling Overheads and Indirect Costs Must Be Expensed, Not Added to Construction Costs u/s 37.

May 19, 2019

Case Laws Income Tax AT

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 ...

ICAI Guidance: Selling Overheads and Indirect Costs Must Be Expensed, Not Added to Construction Costs u/s 37.

May 19, 2019

Case Laws Income Tax AT

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...

Valuation - Captive Consumption of goods by the sister concern - expenses to be included in the cost of production - Determination of Cost Plus 10% - Rule 8 - The issue...

ICAI guidance notes on XBRL certification.

Business expenditure u/s 37 -invocation of explanation to section 37 is uncalled for as the assessee has not made any expenses for purchase of diamonds rather entire...

LTCG - Deduction u/s 54 - Adoption of the cost of acquisition of new asset - - what is to be treated as cost of the residential house is the entire cost of house and it...

Nature of expenses - Allowable expenses u/s 37(1) - Interest and late fee on TDS, Late payment & penalty charges, Interest on margin trading facility - There was no...

Expenses under the head research and development - deduction of such expenses under the provisions of section 37(1) OR u/s 35 - the genuineness of the expenses cannot be...

Revenue or capital expenditure - current repairs u/s 31 - overhead expenditure on construction - deductionallowed - AT

Assessment u/s 153C - disallowance made u/s 37. Assessing Officer observed no supporting evidence for claimed expenses furnished by assessee and non-cooperation during...

Capital gain computation - cost of acquisition of the immovable property - The deduction on account of cost of acquisition is to be allowed with reference to the...

Business expenses claimed under the head of “Provision for Warranty Expenses” - addition u/s 37 - Assessee company has not committed any error in making provisions...

Allowable u/s 37(1)- Whether the expenses incurred on construction of tennis court are allowable as revenue expenses or are capital in nature - the expenditure on Black...

The Appellate Tribunal addressed several issues: 1. Disallowance of Brand Ambassador Expenses - AO disallowed 75% as capital expenditure, but CIT(A) found it to be...

Disallowance of building renovation expenses – Capital or revenue expenses - the expenses are to be treated as revenue in nature and allowable u/s 37(1) of the Act - AT

Capital gain computation - cost of acquisition as well as cost of construction - AO has not even attempted to verify the correctness of the cost of land and construction...

Quick Updates: