Case Law Details
CA Kanhaiya Kumar Agarwal
Brief Facts of the Case and Question of Law:
Brief Facts
The assessee held a plot of land and had progressively constructed the Complex on it. This fact is evident from the expenditure shown under work-in-progress on construction as per the audited accounts. The complex was under construction from assessment year 2004-05 to assessment year 2007-08.The assessee has been given permission to start construction of these plots vide sanctioned letter dated 18.02.2004 and the assessee awarded the soil investigation contract to Drillco Engineers on 21.02.2004 and the said firm completed its soil testing on 27.07.2004. The assessee paid an advance to the architect M/s. Agarwal & Agarwal on 31.03.2006 and had incurred expenditure to the extent of Rs. 46,00,000/- for the year ended 31.03.2006 and in the year ended 31.03.2007 Rs.392.54 lakh.
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