an assessee having 1st year of business.
purchase land and started construction on that. at the year end 31st march 2016 work in progress and not any block or flat is sold.
so that whats account treatment for construction expenses i.e. bricks, job work, electrification ?
it should shown as WIP in balance sheet under miscellaneous or loss in profit &loss account ?
and same for the administrative and financial expenditure , what is the treatment WIP in Balancesheet or loss in P&L?
in ITR 4,
is there loss return, treating expenditurte over income?
or
nill return, treating WIP in Balance sheet?
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