2019 (5) TMI 1066

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....698/2019 (delay) 1. For the reasons explained in the application, the delay in filing the appeal is condoned and the application is allowed. ITA 488/2019 2.This is an appeal by the Revenue against the order dated 12th November, 2018 passed by the Income Tax Appellate Tribunal ('ITAT') in ITA No. 1734/DEL/2015 for the Assessment Year ('AY') 2011-12 and Cross Objections ('CO') No.300/Del./2....

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.... head 'current liability'. The contention of the Revenue was that the expenditure to an extent of Rs. 1,72,25,470/- should have been taken as 'work in progress' instead of claiming it as 'indirect expenses' in the profit and loss account. 5. With the Assessing Officer ('AO') having not agreed with the Assessee on this aspect, an appeal was filed before the Commissioner of Income Tax (Appeals) [....

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..... 1,72,25,470/- to be part of work in progress because assessee has not disclosed any income from such a project. It is further not in dispute that assessee has not disclosed any income from such a project and that assessee has incurred this expenditure to popularise its project and to get the booking for ultimate sale of the residential units. These are purely indirect not related to the cost of ....