https://www.taxtmi.com/caselaws?id=418445 The Appellate Tribunal partially allowed the appeal in favor of the assessee, directing the Assessing Officer to permit the capitalization of claimed business expenses totaling Rs. 277.70 Lacs. The Tribunal emphasized the genuineness of the expenditure and upheld the accounting method utilized by the assessee, rejecting the lower authorities' disallowance based on the business not commencing during the year. The decision highlighted that the expenses were not deferred revenue expenditure and should be capitalized under the percentage of completion method of accounting. en-us Mon, 07 Feb 2022 00:00:00 +0530 Thu, 17 Feb 2022 07:44:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418445 The Appellate Tribunal partially allowed the appeal in favor of the assessee, directing the Assessing Officer to permit the capitalization of claimed business expenses totaling Rs. 277.70 Lacs. The Tribunal emphasized the genuineness of the expenditure and upheld the accounting method utilized by the assessee, rejecting the lower authorities' disallowance based on the business not commencing during the year. The decision highlighted that the expenses were not deferred revenue expenditure and should be capitalized under the percentage of completion method of accounting. Case-Laws Income Tax Mon, 07 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418445