2013 (1) TMI 964

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....11 of leaned CIT(A)-22, Mumbai relating to the assessment year 2007-08. 2. The first issue in the appeal of the assessee is against the finding of the CIT(A) that expenditure of Rs. 93,68,007/- should have been included in the value of WIP and confirming the business expenses of Rs. 6,00,355/- towards software expenses being capital in nature. 3. Brief facts in this regard are that the asses....

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....out by the assessee and only one project is going on, therefore, he held that all the expenses claimed in the profit and loss account should have been shown under the head WIP. Accordingly, he disallowed the claim of the assessee claiming various expenses in the profit and loss account totaling to Rs. 93,68,007/-. The AO also noted that the assessee has claimed business expenses of Rs. 6,00,355/- ....

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....ces. The assessee made an application to Municipal Corporation of Greater Mumbai on 17-6-2006. It was further submitted that out of development expenses of Rs. 76 crores, the expenses related to development of industrial park property were carried forward under work in progress in the balance sheet and which were not directly related to the said development activity were charged to profit and loss....

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....he issue in appeal of the assessee is against treating the interest income of Rs. 1,20,912/- as income from other sources. The interest income was earned on FDR, therefore, the AO treated the same as income from other sources. The CIT(A) has confirmed the same. 7. After considering the order of the AO and CIT(A), I found that this issue also needs reverification. It was pleaded by the learned A....