https://www.taxtmi.com/caselaws?id=250994 The Revenue's appeal challenging the treatment of expenditure incurred on a project for the assessment year 2009-10 was dismissed by the Tribunal. The Tribunal ruled in favor of the assessee, stating that Accounting Standard 7 was not applicable at the stage of the project and that the expenses should be immediately charged off to the Profit and Loss Account. The decision was upheld considering the project's stage and the application of Accounting Standard 7, leading to the dismissal of the appeal in favor of the assessee. en-us Tue, 26 Aug 2014 00:00:00 +0530 Mon, 01 Sep 2014 09:06:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250994 The Revenue's appeal challenging the treatment of expenditure incurred on a project for the assessment year 2009-10 was dismissed by the Tribunal. The Tribunal ruled in favor of the assessee, stating that Accounting Standard 7 was not applicable at the stage of the project and that the expenses should be immediately charged off to the Profit and Loss Account. The decision was upheld considering the project's stage and the application of Accounting Standard 7, leading to the dismissal of the appeal in favor of the assessee. Case-Laws Income Tax Tue, 26 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250994