Ad hoc Expense Disallowance & Alleged Inflated Vessel Valuation Deleted – ITAT Delhi

ACIT Vs JITF Waterways Ltd (ITAT Delhi) In this case the Revenue challenged the order of CIT(A) deleting additions made by AO in the assessment of JITF Waterways Ltd., a public limited company engaged in development, maintenance & operation of barrages, jetties, ports, terminals & waterways for cargo & passenger transport. For AY 2015-16, Assessee had filed its return declaring a huge business loss along with TDS credit. The case was selected for scrutiny & AO framed assessment u/s 143(3) on 29.12.2017 making major additions, namely, Rs.14.70 crore by way of an ad hoc disallowa...