ITAT Deletes Adhoc Additions & Penalty, Allows Business Losses Despite Mis-nomenclature of Expenses

ACIT Vs ACC India Pvt. Ltd. (ITAT Delhi) ITAT Delhi Deletes Additions & Penalty in ACC India Pvt. Ltd. Vs. ACIT: Rule 46A & Revenue Loss Clarified; Adhoc Bogus Expense Addition & WIP Disallowance Quashed The case originated from an assessment framed u/s 143(3) wherein the AO had made several disallowances & assessed income at ₹12.19 crores as against returned income of ₹6.50 crores. CIT(A) deleted major additions but confirmed disallowances relating to amortization expenses & increase in work-in-progress. Both parties carried the matter before Tribunal. Revenue challen...