https://www.taxtmi.com/caselaws?id=775610 The ITAT Pune held that the disallowance of stamp duty and registration expenses was unwarranted. The assessee recognized revenue using the Percentage Completion Method, with costs properly adjusted in work-in-progress figures and indirect expenses reflected in the Profit and Loss Account. The AO did not dispute the correctness of opening and closing work-in-progress nor acknowledge that stamp duty and registration expenses were included under "Duties and Taxes" in the income tax return. The AO's observation regarding sales promotion expenses lacked support from the assessee's books. Since the expenses were duly reflected and net profits and losses from relevant sites were aggregated and offered to tax, the disallowance was set aside. The decision favored the assessee. en-us Wed, 16 Jul 2025 00:00:00 +0530 Mon, 28 Jul 2025 08:27:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775610 The ITAT Pune held that the disallowance of stamp duty and registration expenses was unwarranted. The assessee recognized revenue using the Percentage Completion Method, with costs properly adjusted in work-in-progress figures and indirect expenses reflected in the Profit and Loss Account. The AO did not dispute the correctness of opening and closing work-in-progress nor acknowledge that stamp duty and registration expenses were included under "Duties and Taxes" in the income tax return. The AO's observation regarding sales promotion expenses lacked support from the assessee's books. Since the expenses were duly reflected and net profits and losses from relevant sites were aggregated and offered to tax, the disallowance was set aside. The decision favored the assessee. Case-Laws Income Tax Wed, 16 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775610