https://www.taxtmi.com/caselaws?id=342514 The disallowance of land development expenses under section 37 of the Act was at issue in this case. The CIT(A) ruled in favor of the assessee, allowing the estimated costs claimed for development expenses related to the area sold during the year. The Tribunal upheld the CIT(A)'s decision, noting that the rectification made by the assessee did not affect profitability and that the expenses were supported by technical expert reports and in line with Accounting Standard-7 of ICAI. Consequently, the Tribunal dismissed the revenue's appeal, affirming the CIT(A)'s deletion of the disallowance. en-us Thu, 04 May 2017 00:00:00 +0530 Sat, 06 May 2017 07:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342514 The disallowance of land development expenses under section 37 of the Act was at issue in this case. The CIT(A) ruled in favor of the assessee, allowing the estimated costs claimed for development expenses related to the area sold during the year. The Tribunal upheld the CIT(A)'s decision, noting that the rectification made by the assessee did not affect profitability and that the expenses were supported by technical expert reports and in line with Accounting Standard-7 of ICAI. Consequently, the Tribunal dismissed the revenue's appeal, affirming the CIT(A)'s deletion of the disallowance. Case-Laws Income Tax Thu, 04 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342514