Deduction of unrealized cost due to cancellation of contract

M/s. Housing Development & Infrastructure Limited Vs DCIT (ITAT Mumbai)

Assessing Officer denied the claim of the assessee being write off of unrealized cost of TDR observing that details have not been furnished and the assessee has not explained why the unabsorbed cost was not claimed in the original return and claimed in the revised return. The Assessing officer was also of the view that since the assessee disputed the termination of the contract by MIAL the expenditure debited to P&L account during this year is only a contingent liability and he was

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