https://www.taxtmi.com/caselaws?id=248322 The High Court directed a fresh examination by the Assessing Officer to determine the allowability of development expenses related to a real estate project for Assessment Year 2008-09 under applicable accounting standards and commercial principles, emphasizing alignment with Sections 145/145A of the Income Tax Act, 1961. The court upheld the capitalization of project-related expenses but allowed certain day-to-day expenses as revenue expenses, stressing the importance of following Accounting Standards and ensuring clarity and consistency in applying accounting standards to avoid confusion. en-us Wed, 11 Dec 2013 00:00:00 +0530 Mon, 09 Jun 2014 14:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248322 The High Court directed a fresh examination by the Assessing Officer to determine the allowability of development expenses related to a real estate project for Assessment Year 2008-09 under applicable accounting standards and commercial principles, emphasizing alignment with Sections 145/145A of the Income Tax Act, 1961. The court upheld the capitalization of project-related expenses but allowed certain day-to-day expenses as revenue expenses, stressing the importance of following Accounting Standards and ensuring clarity and consistency in applying accounting standards to avoid confusion. Case-Laws Income Tax Wed, 11 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248322