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Archive: 20 July 2013

Posts in 20 July 2013

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6459 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Deduction u/s 80-IB(10) can’t be denied merely because Assessee uses “Project completion method”

July 20, 2013 2444 Views 0 comment Print

AO denied deduction u/s 80-IB(10) only on the ground that assessee engaged in business of construction had adopted ‘Project completion method’ instead of ‘Percentage completion method’ as prescribed under AS-7 (Revised). The Hon’ble High Court observed that there was no allegation to the effect that on account of “Project completion method” adopted by the assessee, its profit for any particular year was distorted. Further, the assessee had followed the same system consistently for a long period of time. It was thus held that assessee must be allowed deduction u/s 80-IB(10).

Deduction can be claimed in respect of a crystallized liability

July 20, 2013 7142 Views 0 comment Print

Though the questions are multiple, issue is single, namely, the deduction of Rs.61,08,500/- claimed by the assessee towards expenditure being part of development charges. The assessee had paid such sum to Surat Municipal Corporation towards water connection charges.

Expenditure cannot be considered excessive merely by comparing it with preceding year’s expenditure

July 20, 2013 995 Views 0 comment Print

The AO merely made comparative study of the expenses for the year under consideration with the preceding assessment year and found that expenses incurred in the preceding assessment year were 2.89% on turnover but in the assessment year under appeal it was 4.78% on the turnover.

ITAT can permit a “Legal Contention” at the appellate stage even if it is raised for the first time

July 20, 2013 1816 Views 0 comment Print

The Tribunal in the assessee’s appeal considered several grounds titled as “Additional grounds”. However, upon close perusal of such so-called grounds, we notice that such grounds were nothing but legal contentions and arose out of order of CIT(Appeals) which was under challenge

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