Abandoned Wind Project Expenses Revenue in Nature Due to No Enduring Asset: ITAT Ahmedabad

Advertisement Apraava Renewable Energy Private Limited Vs ACIT (ITAT Ahmedabad) The ITAT Ahmedabad allowed the assessee’s appeal relating to disallowance of expenditure on an abandoned wind power project, amortization of forward premium expenses, and depreciation on self-propelled vehicles for AY 2017-18. The assessee, engaged in generation and sale of electricity, had planned a new wind power project at Yermala, Maharashtra, with a capacity of 148.80 MW through Wind World India Limited (WWIL) on an EPC basis. The project was later abandoned and capital work in progress (CWIP) amounting t...