Directors Salary and Handover Facility Expenses are Incurred Yearly and are Business Expenses: ITAT [Read Order]
The ITAT relied on the observation of CIT(A) that these expenses are neither capital in nature nor deferred revenue expenditure and are to be allowed in the year of spending as the same is like overhead cost not specific to any project.
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) observed that the director’s salary and handover facility expenses are incurred yearly and are business expenses. Shri Niraj Sheth appeared for the appellant and Shri Samuel Pitta appeared for the respondent. M/s Macrotech Developers Limited, the respondent assessee is engaged in the business of real…
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