2018 (12) TMI 602

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....UDGMENT T.S.SIVAGNANAM, J. This appeal by the assessee is directed against the order of the Income Tax Appellate Tribunal Madras 'D' Bench, dated 14.03.2008 in ITA No.1849/Mds/2006, for the Assessment year 1998-99. 2.Heard Mr.M.Swaminathan, learned counsel for the appellant and Mr.T.Surya Narayana, learned counsel for the respondent. 3.This Appeal has been admitted on 25.08.2008, on th....

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....turn of income, wherein, they have claimed a total expenditure of Rs. 11,30,92,666/- and admitted value of work in progress to the extent of Rs. 10,61,14,603/-. The Assessing Officer, while completing the assessment under Section 143(3) of the Act vide order dated 07.03.2001, opined that the indirect expenses incurred to the extent of Rs. 69,52,063/-, should not be incurred in the work in progres....