ICAI Guidance: Selling Overheads and Indirect Costs Must Be Expensed, Not Added to Construction Costs u/s 37.

ICAI Guidance: Selling Overheads and Indirect Costs Must Be Expensed, Not Added to Construction Costs u/s 37. https://www.taxtmi.com/highlights?id=46645 Expenditure u/s 37 - As per the guidance note of ICAI on accounting for real estate transactions as revised in the year 2012, selling overheads and indirect cost incurred for the project are booked directly to the profit and loss account as the expense and is not part of construction cost or development cost - AO is not correct in taking all the selling and market expenses to the WIP en-us Sun, 19 May 2019 12:07:24 +0530 Sun, 19 May 2019 12:07:24 +0530 TaxTMI RSS Generator ICAI Guidance: Selling Overheads and Indirect Costs Must Be Expensed, Not Added to Construction Costs u/s 37. https://www.taxtmi.com/highlights?id=46645 Expenditure u/s 37 - As per the guidance note of ICAI on accounting for real estate transactions as revised in the year 2012, selling overheads and indirect cost incurred for the project are booked directly to the profit and loss account as the expense and is not part of construction cost or development cost - AO is not correct in taking all the selling and market expenses to the WIP Highlights Income Tax Sun, 19 May 2019 12:07:24 +0530 https://www.taxtmi.com/highlights?id=46645