https://www.taxtmi.com/caselaws?id=401363 The tribunal upheld the CIT(A)'s decision to disallow the appellant's claim of loss arising on the valuation of inventory, stating that the expenses were not project-specific and should have been written off earlier. The tribunal also rejected the treatment of accumulated expenses as work in progress, emphasizing the failure to meet conditions for deduction under the Income Tax Act. Despite the appellant's justifications, the tribunal dismissed the appeal, highlighting the necessity of complying with prescribed procedures for claiming losses and the importance of timing in expense write-offs. en-us Fri, 09 Oct 2020 00:00:00 +0530 Sat, 05 Dec 2020 17:44:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401363 The tribunal upheld the CIT(A)'s decision to disallow the appellant's claim of loss arising on the valuation of inventory, stating that the expenses were not project-specific and should have been written off earlier. The tribunal also rejected the treatment of accumulated expenses as work in progress, emphasizing the failure to meet conditions for deduction under the Income Tax Act. Despite the appellant's justifications, the tribunal dismissed the appeal, highlighting the necessity of complying with prescribed procedures for claiming losses and the importance of timing in expense write-offs. Case-Laws Income Tax Fri, 09 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401363