Receipts from construction of Plant and Machinery eligible for adjusting against the expenses on Capital Work in Progress: ITAT [Read Order]
In a recent case the Mumbai ITAT bench held that the receipts from receipts from construction of plant and machinery are eligible for adjusting against the expenses on capital work in progress.
By Aparna. M - On March 24, 2024 8:00 am - 2 mins read
The Mumbai bench Income Tax Appellate Tribunal (ITAT) receipts from construction of plant and machinery are eligible for adjusting against the expenses on capital work in progress. The Assessee, Matix Fertilizers and Chemicals engaged in the business of manufacturing /production and sale of fertilizers. The company set up a plant for production of ‘ammonia’ and ‘urea’…
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