https://www.taxtmi.com/caselaws?id=190726 The partnership firm in the construction business appealed against the disallowance of indirect expenses for calculating closing work-in-progress. The Commissioner of Income Tax (Appeals) allowed these expenses as revenue expenditure in proportion to completion, in line with recognized accounting principles. The Tribunal upheld the decision, ordering the disallowance to be deleted. Additionally, the Tribunal overturned the disallowance of specific expenses added to work in progress, considering them as revenue expenditure. The issue of set off of brought forward losses was restored for adjudication. Ultimately, the appeal was allowed in favor of the assessee. en-us Wed, 10 Dec 2014 00:00:00 +0530 Fri, 24 Feb 2017 00:15:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190726 The partnership firm in the construction business appealed against the disallowance of indirect expenses for calculating closing work-in-progress. The Commissioner of Income Tax (Appeals) allowed these expenses as revenue expenditure in proportion to completion, in line with recognized accounting principles. The Tribunal upheld the decision, ordering the disallowance to be deleted. Additionally, the Tribunal overturned the disallowance of specific expenses added to work in progress, considering them as revenue expenditure. The issue of set off of brought forward losses was restored for adjudication. Ultimately, the appeal was allowed in favor of the assessee. Case-Laws Income Tax Wed, 10 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190726