ITAT Allows Office Running Expenses of Property Development & Leasing Company

Armasol Properties Pvt. Ltd. Vs ITO (ITAT Kolkata) Introduction: In the case of Armasol Properties Pvt. Ltd. vs. ITO, the Income Tax Appellate Tribunal (ITAT) Kolkata ruled in favor of the assessee. This article provides a detailed analysis of the case, focusing on the allowance of running maintenance expenses under section 24(a) of the Income Tax Act. Detailed Analysis: The dispute centered around the disallowance of certain expenses claimed by Armasol Properties Pvt. Ltd. The Assessing Officer (AO) disallowed expenses amounting to Rs. 5,33,759/-, stating that they were not allowable under se...