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Documents citing Acit, New Delhi vs M/S. Virtual Builders (P) Ltd., New ... on 20 February, 2018

M/S. Experion Developers Pvt. ... vs Acit, New Delhi on 31 July, 2025

6. The assessee had allocated the cost of various expenditure strictly in accordance with the AS-7 and Guidance Note on Accounting of Real Estate transactions issued by ICAI by transferring the requisite portion to the project and claiming the remaining sums as revenue expenditure. The books of accounts and the book results submitted by the assessee are not sought to be rejected by the Learned AO in terms of section 145(3) of the Act. The application of Accounting Standard and Guidance Notes issued by ICAI and utilization of the same for the purpose of recognition of income under the Income Tax Act has been subject matter of due consideration by the Hon'ble Supreme Court in the case of Virtual Soft Systems Limited vs ACIT reported in 404 ITR 409 (SC) wherein the Hon'ble Apex Court had duly given due credence to the Page | 4 ITA No. 1367/Del/2017 M/s Experion Developers Pvt. Ltd Accounting Standards and Guidance Notes issued by ICAI. It is well settled that earning of revenue is not a condition precedent for deduction of expenditure under section 37 of the Act. What is required to be seen is whether the business is set up and whether the expenditure incurred thereon are meant for the purpose of business.
Income Tax Appellate Tribunal - Delhi Cites 6 - Cited by 0 - Full Document

Ekta Shakti Developers And 5 Ors vs Union Of India Through The Secretary ... on 17 October, 2019

2. This Petition challenges the order dated 9 August 2019 passed by the respondent No.2- Deputy Commissioner of Income Tax sanctioning prosecution under section 279 of the Income Tax Act, 1961( Act). It is the case of the Petitioners that the sanction has been granted in the face of the orders of the Apex Court in K.C.Builder Vs. ACIT [2004] 135 taxman 461(SC) and the decision of the Bombay High Court in SBI DFHI Ltd. vs. ACIT 2(1) ::: Uploaded on - 17/10/2019 ::: Downloaded on - 18/10/2019 06:12:06 ::: 2 904 WP 2754-19.doc Mumbai, in Income Tax Appeal No.157 of 2017 rendered on 23 March 2018. This as the penalty under section 271(1)(c) has been deleted in the case of the Petitioners by the Tribunal.
Bombay High Court Cites 4 - Cited by 0 - N M Jamdar - Full Document
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