Project Terminated, Shares Worth Zero – ITAT Allows ₹68 Cr Capital Loss Strikes Down 68 Addition

DCIT Vs Hindustan Clean Energy Ltd. (ITAT Delhi) Project Terminated, Shares Worth Zero – ITAT Allows ₹68 Cr Capital Loss & Strikes Down 68 Addition A 90MW hydropower project was allotted by the Himachal Pradesh Govt. to HPPPL in 2009, which paid ₹18 Cr upfront fees. A project company MHEPCL was formed, shares were moved within group companies, &  eventually Hindustan Clean Energy Ltd. (Assessee) acquired the shares in 2018 at cost. In 2021, Assessee sold 49% equity + 100% CCPS to an outsider (Devarsi Constructions Pvt. Ltd.) for ₹100 total, based on a negative NAV valuation of...