https://www.taxtmi.com/caselaws?id=352310 The tribunal upheld the decision of the Ld. CIT(A) to delete the addition of Rs. 2,94,02,417/- made on account of selling and administrative expenses, ruling that these expenses should not be capitalized as they were not direct or indirect costs of construction. The tribunal also affirmed the applicability of Accounting Standard-7 (AS-7) issued by ICAI, noting that the assessee had consistently followed this standard in previous years. Consequently, the Revenue's appeal was dismissed, and the assessee's cross objections were deemed infructuous. en-us Fri, 08 Dec 2017 00:00:00 +0530 Mon, 11 Dec 2017 09:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352310 The tribunal upheld the decision of the Ld. CIT(A) to delete the addition of Rs. 2,94,02,417/- made on account of selling and administrative expenses, ruling that these expenses should not be capitalized as they were not direct or indirect costs of construction. The tribunal also affirmed the applicability of Accounting Standard-7 (AS-7) issued by ICAI, noting that the assessee had consistently followed this standard in previous years. Consequently, the Revenue's appeal was dismissed, and the assessee's cross objections were deemed infructuous. Case-Laws Income Tax Fri, 08 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352310