ITAT Allows Advertisement and Marketing Expenses Due to Revenue Nature Despite No Income

ACIT Vs Airmid Real Estate Limited (ITAT Mumbai) The ITAT Mumbai adjudicated an appeal filed by the Revenue against the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2017–18 concerning allowability of advertisement, brokerage, and marketing expenses claimed by a real estate developer. The assessee had filed its return declaring nil income and was following the Project Completion Method for revenue recognition. During the relevant year, no revenue was recognized from the real estate project, though substantial expenditure was incurred on advertisement (₹19.47 lakh) a...