https://www.taxtmi.com/caselaws?id=469397 Only borrowing cost directly attributable to a project is required to be capitalised in work-in-progress; the balance may be charged to the profit and loss account under the project accounting policy and AS-16, so the assessee succeeded on that point. A disallowance under section 40(a)(ia) for failure to deduct tax at source cannot remain embedded in project work-in-progress and must reduce it, so the revenue succeeded on that point. An item booked only as a transfer between inventory heads was not a current-year expenditure or prior-period claim, and the assessee succeeded. Where an identical advertisement expense issue had already been accepted in an earlier year, the revenue could not take a contrary stand in the later year. en-us Tue, 12 Jul 2022 00:00:00 +0530 Tue, 16 Jun 2026 18:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469397 Only borrowing cost directly attributable to a project is required to be capitalised in work-in-progress; the balance may be charged to the profit and loss account under the project accounting policy and AS-16, so the assessee succeeded on that point. A disallowance under section 40(a)(ia) for failure to deduct tax at source cannot remain embedded in project work-in-progress and must reduce it, so the revenue succeeded on that point. An item booked only as a transfer between inventory heads was not a current-year expenditure or prior-period claim, and the assessee succeeded. Where an identical advertisement expense issue had already been accepted in an earlier year, the revenue could not take a contrary stand in the later year. Case-Laws Income Tax Tue, 12 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469397