Appeal agains order of ACIT

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 December 2009 Our company is a construction company we have follow mercantile system and perc. completion method but we have not included land cost in WIP which is first year of project. Noe ACIT add land cost in the income and issue the demand please whether land cost is includible or not if any case please specify.

Regards,
C.A.Nitin

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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07 December 2009 The facts of the case are not clear. Who owns the land and how it has been taken into the books ?

If land is shown in the balance sheet; then no addition can be made.

Querist : Anonymous

Querist : Anonymous (Querist)

07 December 2009 land is purchased by the company and company has taken into the books

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