Case Law Details
ACIT Vs Conwood Medipharma Pvt. Ltd. (ITAT Delhi)
CIT(A) noted that the assessee had not claimed the said professional expenses in its profit & loss account and had capitalized the same under work in progress i.e. ‘Building under Construction’ in fixed assets schedule. The CIT(A) thus deleted the addition. We find merit in the order of the CIT(A) and uphold that the provisions of section 40(a)(ia) of the Act are attracted only if expenses are claimed in the profit & loss account and not when the same are capitalized.
FULL TEXT OF THE ORDER OF ITAT DELHI
The present appeal filed by aseeesee is against order of CIT(A)-2, New Delhi dated 31.08.2015 relating to assessment year 2011-12 against order passed under. section 143(3) of the Income Tax Act, 1961.
2. The Revenue has raised following grounds of appeal which read as under:
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