Expenditure towards abandoned project is available as revenue expenditure

DCIT Vs Omega Shelters Private Limited (ITAT Hyderabad) ITAT Hyderabad held that expenditure incurred for construction/acquisition of new facility which was subsequently abandoned at work-in-progress stage was allowable in year of write off as incurred wholly and exclusively for purpose of business. Facts- AO noted from the notes on accounts that during the year under consideration the assessee company surrendered the ‘Neighborhood apartments’ project and the total cost incurred aggregating to Rs.7,57,24,129/- had been considered by the assessee company as a sunk cost and debited to profit...