Abandoned Project Expenses & Lease Rent Allowable as Revenue Expenditure: ITAT Delhi

Advertisement Edenic Propbuild Private Limited Vs ACIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi, disposed of cross appeals filed by the Revenue and the assessee arising from the order of the Commissioner of Income Tax (Appeals) [CIT(A)]. The dispute related to the allowability of project expenses written off, lease rent expenses, and administrative expenses incurred by the assessee, a company engaged in the business of real estate, construction, and development. The Assessing Officer (AO) had disallowed a total expenditure of Rs. 31,74,10,824/- claimed in the profit and ...