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

ITAT Allows Taxpayer to Deduct Income Recognized u/s 69B as Closing Stock; Each Windmill Separate u/s 80IA.

July 11, 2024

Case Laws Income Tax AT

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 ...

ITAT Allows Taxpayer to Deduct Income Recognized u/s 69B as Closing Stock; Each Windmill Separate u/s 80IA.

July 11, 2024

Case Laws Income Tax AT

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