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, en

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