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of <h1>Tribunal Allows Assessee's Appeal, Overturns Disallowance of Prior Period Expenditure Claim of Rs. 2.2 Crore</h1> <h3>Value Advisory Services Pvt. Ltd. Versus ACIT, Circle-26 (2), New Delhi</h3> Value Advisory Services Pvt. Ltd. Versus ACIT, Circle-26 (2), New Delhi - TMI The appeal before the Appellate Tribunal ITAT Delhi involved the disallowance of the assessee's 'prior period' expenditure claim of Rs. 2,20,00,000. The Tribunal found in favor of the assessee, citing the case law PCIT v. Adani Enterprises, which held that such revenue-neutral expenditures cannot be disallowed for both the year of accrual and crystallization. As a result, the disallowance was ordered to be deleted, and the assessee's appeal was allowed. The order was pronounced in open court on 30.01.2025.
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