https://www.taxtmi.com/caselaws?id=307308 The Tribunal ruled in favor of the Assessee, allowing the claimed expenses as revenue expenditure in a construction project for A.Y. 2008-09. The Tribunal held that not all expenses should be capitalized as the Assessee engaged in various activities beyond the project under consideration. Contrary to the tax authorities' view, the Tribunal found that the Assessee followed Accounting Standards and ICDS appropriately, justifying the segregation of expenses. Consequently, the Tribunal set aside the CIT(A)'s order and directed the Assessing Officer to allow the Assessee's claim for the expenses. en-us Wed, 26 Jul 2017 00:00:00 +0530 Wed, 05 Apr 2023 22:12:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307308 The Tribunal ruled in favor of the Assessee, allowing the claimed expenses as revenue expenditure in a construction project for A.Y. 2008-09. The Tribunal held that not all expenses should be capitalized as the Assessee engaged in various activities beyond the project under consideration. Contrary to the tax authorities' view, the Tribunal found that the Assessee followed Accounting Standards and ICDS appropriately, justifying the segregation of expenses. Consequently, the Tribunal set aside the CIT(A)'s order and directed the Assessing Officer to allow the Assessee's claim for the expenses. Case-Laws Income Tax Wed, 26 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307308