{"id":14406,"date":"2020-12-13T12:05:27","date_gmt":"2020-12-13T12:05:27","guid":{"rendered":"https:\/\/itatonline.org\/digest\/pragnya-crest-properties-pvt-ltd-v-dy-cit-2020-78-itr-43-snbang-trib\/"},"modified":"2020-12-13T12:05:27","modified_gmt":"2020-12-13T12:05:27","slug":"pragnya-crest-properties-pvt-ltd-v-dy-cit-2020-78-itr-43-snbang-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pragnya-crest-properties-pvt-ltd-v-dy-cit-2020-78-itr-43-snbang-trib\/","title":{"rendered":"Pragnya Crest Properties Pvt. Ltd. v. Dy. CIT (2020) 78 ITR 43 (SN)(Bang) (Trib)"},"content":{"rendered":"<p>Tribunal held that Accounting Standard 7 provides that the selling and administrative costs are required to be excluded from the contract costs while drawing financial statements. Hence, the action of the assessee was in line with the parameters of Accounting Standard 7. Expenses incurred in the normal course of business are required to be allowed after setting up of business irrespective of whether the revenue was earned. The action of the assessee in any case was a revenue neutral affair and the Revenue was not put to any tax loss per se by such premature claim.( AY.2012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S.37(1): Business expenditure \u2014 Real estate development \u2014  Selling and administrative costs \u2014 Selling expenses \u2013 Revenue expenses after setting up  of  business  is held to be  allowable although revenue was not yet earned \u2014Accounting Standard 7 .<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-14406","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3Km","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14406","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=14406"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14406\/revisions"}],"predecessor-version":[{"id":14407,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14406\/revisions\/14407"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=14406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=14406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=14406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}