ITAT Allows ₹64.72 Cr Abandoned Project Loss Claim as Revenue Expense

Sourya Towers Pvt Vs DCIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT) Delhi has overturned a disallowance of ₹64.72 crore claimed by Sourya Towers Private Limited as a loss on an abandoned real estate project in Amritsar. The tribunal ruled that the loss incurred by the real estate developer was revenue in nature and allowable as a deduction in Assessment Year 2012-13. The case, Sourya Towers Pvt Vs DCIT (ITAT Delhi), centered on the company’s Amritsar project, which was abandoned due to an arbitration dispute between its directors. The company, engaged in real estate promoti...