ITAT Hyderabad allows 75% of Overburden Removal Expenditure

ACIT Vs Veerabhadra Minerals Private Limited (ITAT Hyderabad) Introduction: The recent decision by the Income Tax Appellate Tribunal (ITAT) Hyderabad in the case of ACIT vs. Veerabhadra Minerals Private Limited involves the allowance of 75% of overburden removal expenditure claimed by the assessee. The dispute arose from the assessment year 2013-14, with the Revenue challenging the order of the Commissioner of Income Tax (Appeals)-11 (CIT(A)). Background: Veerabhadra Minerals Private Limited is engaged in mining contracts, specifically in pit mining operations that require the removal of ove...