Determining Surplus or Deficit in Partially Completed Contracts via Expenses is Inaccurate; Losses Not for Depreciation Shortfalls.

Determining Surplus or Deficit in Partially Completed Contracts via Expenses is Inaccurate; Losses Not for Depreciation Shortfalls. https://www.taxtmi.com/highlights?id=15522 Expenses Debited to P&L Account - Can we determine with reasonable accuracy the surplus or deficit that would arise in a contract execution which is far from complete - Can we say that such loss claimed were to off-set any deficiency in the depreciation claim - Answer to all these, in our opinion are a firm ‘No’. - AT en-us Mon, 04 Nov 2013 06:39:34 +0530 Mon, 04 Nov 2013 06:39:34 +0530 TaxTMI RSS Generator Determining Surplus or Deficit in Partially Completed Contracts via Expenses is Inaccurate; Losses Not for Depreciation Shortfalls. https://www.taxtmi.com/highlights?id=15522 Expenses Debited to P&L Account - Can we determine with reasonable accuracy the surplus or deficit that would arise in a contract execution which is far from complete - Can we say that such loss claimed were to off-set any deficiency in the depreciation claim - Answer to all these, in our opinion are a firm ‘No’. - AT Highlights Income Tax Mon, 04 Nov 2013 06:39:34 +0530 https://www.taxtmi.com/highlights?id=15522