https://www.taxtmi.com/caselaws?id=334691 The Tribunal ruled in favor of the assessee on all issues. The addition of expenses to the Work In Progress (WIP) account was largely disallowed, with interest, advertisement expenses, brokerage, and loan processing fees being fully allowed as deductions. The assessee's accounting method of Percentage of Completion Method (PCM) was upheld, rejecting the AO's adjustments. The penalty under Section 271(1)(c) was deleted due to debatability. Cross appeals for the assessment year 2008-09 favored the assessee, allowing administrative expenses in full. The appeal for the assessment year 2010-11 upheld the deletion of disallowances and capitalization of expenses. en-us Fri, 23 Sep 2016 00:00:00 +0530 Fri, 18 Nov 2016 13:19:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334691 The Tribunal ruled in favor of the assessee on all issues. The addition of expenses to the Work In Progress (WIP) account was largely disallowed, with interest, advertisement expenses, brokerage, and loan processing fees being fully allowed as deductions. The assessee's accounting method of Percentage of Completion Method (PCM) was upheld, rejecting the AO's adjustments. The penalty under Section 271(1)(c) was deleted due to debatability. Cross appeals for the assessment year 2008-09 favored the assessee, allowing administrative expenses in full. The appeal for the assessment year 2010-11 upheld the deletion of disallowances and capitalization of expenses. Case-Laws Income Tax Fri, 23 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334691