AO Misclassifies Marketing Expenses as WIP, Ignoring ICAI Guidance; CIT(A) & ITAT Correctly Apply, No Substantial Law Issue.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Allowable business expenditure u/s 37 - AO was in error in taking all the selling and market expenses to WIP ignoring the guidance note of ICAI as regards accounts of real estate transactions - both by the CIT (A) as well as the ITAT has been correctly applied guidance note of the ICAI - No substantial question of law arises....