Day-to-day business operating expenses are allowable as revenue expenditure, even with the percentage completion method.
X X X X Extracts X X X X
X X X X Extracts X X X X
....Allowability of expenditure - Where the expenditure is relatable to day to day running of the business, the said expenditure is allowable as revenue expenditure in the hands of assessee irrespective of the fact that the assessee was following percentage completion method of recognizing its revenue - AT....


TaxTMI
TaxTMI