Excess work in progress detected during survey was accepted by ...

Excess work-in-progress accepted as income u/s 69B, taxable at 30%. Deductible as closing stock next year, unlike 69C. Windmill units treated as separate undertakings for 80IA deduction.

Case Laws Income Tax

July 11, 2024

Excess work in progress detected during survey was accepted by assessee as income u/s 69B, taxable at 30%. Assessee claimed such income as part of closing stock to be allowed as deduction in next assessment year 2016-17. ITAT allowed assessee's claim, holding that income u/s 69B forms part of closing stock and can be claimed as deduction in next year, unlike Section 69C. Regarding deduction u/s 80IA for windmill units, ITAT followed CBDT Circular and its own earlier order treating each windmill as separate undertaking for Section 80IA deduction.

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Excess work in progress detected during survey was accepted by ...

Excess work-in-progress accepted as income u/s 69B, taxable at 30%. Deductible as closing stock next year, unlike 69C. Windmill units treated as separate undertakings for 80IA deduction.

Case Laws Income Tax

July 11, 2024

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