Section 40(a)(ia) Not Applicable to Capital Expenditure: ITAT Nagpur

Raghav Agritech Vs ITO (ITAT Nagpur) The Income Tax Appellate Tribunal (ITAT), Nagpur Bench, delivered its decision in an appeal filed by the assessee, Raghav Agritech, challenging the order dated 23 January 2024 of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, for the assessment year 2019–20. The appeal was heard ex parte as no one appeared on behalf of the assessee during the proceedings, nor was any adjournment request filed. The Tribunal, therefore, proceeded to decide the case based on the material available on record and the submissions of the Depart...