https://www.taxtmi.com/caselaws?id=394317 The Tribunal partially allowed the assessee's appeal, specifically regarding the treatment of selling expenses as revenue expenditure. The Tribunal ruled in favor of the assessee, stating that selling expenses should be considered as revenue expenditure rather than being capitalized with the project cost. The decision was based on Accounting Standard-7 and legal precedents, emphasizing the allowance of business expenses even if revenue has not been earned yet. The judgment highlighted the significance of distinguishing between capital and revenue expenditure in real estate development businesses. en-us Tue, 03 Mar 2020 00:00:00 +0530 Wed, 08 Apr 2020 17:59:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394317 The Tribunal partially allowed the assessee's appeal, specifically regarding the treatment of selling expenses as revenue expenditure. The Tribunal ruled in favor of the assessee, stating that selling expenses should be considered as revenue expenditure rather than being capitalized with the project cost. The decision was based on Accounting Standard-7 and legal precedents, emphasizing the allowance of business expenses even if revenue has not been earned yet. The judgment highlighted the significance of distinguishing between capital and revenue expenditure in real estate development businesses. Case-Laws Income Tax Tue, 03 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394317