General overhead expenses on mall that was work-in-progress to be allowed as per AS-2

M/s. Hagwood Commercial Developers Pvt. Ltd Vs ACIT (ITAT Mumbai) Conclusion: Since assessee had set up the business by acquiring land and obtaining approval for construction of mall and residential complex although the mall had not commenced business till the end of the relevant previous year, therefore, assessee had rightly charged the general overhead expenses being indirect expenses incurred in the P&L account in compliance with AS-2 & AS-7 which was mandatory as per ICAI and notified by Central Government as per Section 211(3C) of the Companies Act, 1956. Held: Assessee had debite...