Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)103ITD349Cal
1. The Hon'ble President, Income-tax Appellate Tribunal vide, order dated 8-1-2004 has constituted this Special Bench for deciding the following question: Whether on the facts and in the circumstances of the case the assessee engaged in the real estate business and following project completion method, is justified in claiming project expenditure on accrual basis in the year of incurring, when income is reflected only in the year of completion of the project.Subsequently by order dated 21-4-2006 amending the earlier order, the entire appeal was referred to the Special Bench for consideration and disposal by the Special Bench.2. Brief facts of the case are that the Assessing Officer while making the assessment disallowed deduction of Rs. 69,84,089 claimed by the assessee in respect of overhead expenses of Sodepur and Brahmaputra Projects. While doing so, he observed that the assessee was following mercantile system of accounting and any expenditure incurred has to be included in the cos...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)287ITR153(Kol.)
1. The Hon'ble President, Income Tax Appellate Tribunal vide order dated 8^th January, 2004 has constituted this Special Bench for deciding the following question: Whether on the facts and in the circumstances of the case the assessee engaged in the real estate business and following project completion method, is justified in claiming project expenditure on accrual basis in the year of incurring, when income is reflected only in the year of completion of the project.Subsequently by order dated 21^st April, 2006 amending the earlier order, the entire appeal was referred to the Special Bench for consideration and disposal by the Special Bench.2. Brief facts of the case are that the Assessing Officer while making the assessment disallowed deduction of Rs. 69,84,089/- claimed by the assessee in respect of overhead expenses of Sodepur and Brahmaputra Projects. While doing so, he observed that the assessee was following mercantile system of accounting and any expenditure incurred has to be ...
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