https://www.taxtmi.com/highlights?id=70157 Disallowance on account of extraordinary items written off - It is not in dispute that the assessee had indeed written off the said abandoned project expenditure in its books during the year and had reflected the same as ‘Extra-Ordinary Items Written Off’. Since this issue does not arise on a regular basis to the assessee, we find that the assessee had rightly shown this as ‘Extra Ordinary Items’ in accordance with Accounting Standard 5 issued by ICAI in its profit and loss account as a separate line item - Claim allowed - AT en-us Tue, 06 Jun 2023 15:05:47 +0530 Tue, 06 Jun 2023 15:05:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=70157 Disallowance on account of extraordinary items written off - It is not in dispute that the assessee had indeed written off the said abandoned project expenditure in its books during the year and had reflected the same as ‘Extra-Ordinary Items Written Off’. Since this issue does not arise on a regular basis to the assessee, we find that the assessee had rightly shown this as ‘Extra Ordinary Items’ in accordance with Accounting Standard 5 issued by ICAI in its profit and loss account as a separate line item - Claim allowed - AT Highlights Income Tax Tue, 06 Jun 2023 15:05:47 +0530 https://www.taxtmi.com/highlights?id=70157