Change in Accounting Method for Crockery & Cutlery Found Bona Fide; Addition Deleted

Taj GVK Hotels & Resorts Ltd. Vs ACIT (ITAT Hyderabad) Income Tax Appellate Tribunal (ITAT), Hyderabad Bench, has allowed the appeal filed by Taj GVK Hotels & Resorts Ltd. for the assessment year 2003-04, overturning significant disallowances made by the Assessing Officer (AO) and confirmed by the Commissioner of Income-tax (Appeals) [CIT(A)]. The Tribunal’s order, dated May 8, 2024, addressed three key grievances of the assessee: disallowance of interest on borrowed capital, disallowance of prior period expenditure, and an addition made due to a change in the method of accountin...