Construction Firm's Loss on Land Purchase Deemed Revenue Expenditure u/s 37(1) of Income Tax Act.

Construction Firm's Loss on Land Purchase Deemed Revenue Expenditure u/s 37(1) of Income Tax Act. https://www.taxtmi.com/highlights?id=22562 Loss of Advance given to procure land for future projects - the amount in question was advanced by the assessee for purchase of land which would be going to form part of stock in trade of the assessee being in the business of construction and development - allowed as revenue expenditure u/s 37(1) - AT en-us Sat, 18 Apr 2015 09:11:42 +0530 Sat, 18 Apr 2015 09:11:42 +0530 TaxTMI RSS Generator Construction Firm's Loss on Land Purchase Deemed Revenue Expenditure u/s 37(1) of Income Tax Act. https://www.taxtmi.com/highlights?id=22562 Loss of Advance given to procure land for future projects - the amount in question was advanced by the assessee for purchase of land which would be going to form part of stock in trade of the assessee being in the business of construction and development - allowed as revenue expenditure u/s 37(1) - AT Highlights Income Tax Sat, 18 Apr 2015 09:11:42 +0530 https://www.taxtmi.com/highlights?id=22562