Expenditure incurred for Construction of a New Facility and subsequently abandoned at Work-in-progress stage is allowable as Revenue Expenditure: ITAT [Read Order]

By Yogitha S. Yogesh - On December 15, 2022 5:31 pm - 2 mins read
Expenditure - Construction - Facility - Revenue Expenditure - ITAT - Income Tax - taxscan

The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) has held that expenditure incurred for construction of a new facility and subsequently abandoned at work-in-progress stage is allowable as Revenue Expenditure. The revenue challenged the order of the Commissioner of Income Tax (Appeals)-4, Hyderabad. Omega Shelters Private Limited, the assessee is a company engaged…

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