https://www.taxtmi.com/caselaws?id=413122 The High Court upheld the decision of the Income Tax Appellate Tribunal (ITAT) in allowing the deduction claimed by the respondent for writing off capital work-in-progress as revenue expenditure. The Court agreed with the ITAT's interpretation that the expenses incurred on abandoned projects were routine in nature and did not create new assets, qualifying them as allowable business expenditure. The Court found no error in the ITAT's application of legal precedents and dismissed the appeal, citing a lack of merit and substantial legal questions. en-us Wed, 29 Sep 2021 00:00:00 +0530 Thu, 28 Apr 2022 17:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413122 The High Court upheld the decision of the Income Tax Appellate Tribunal (ITAT) in allowing the deduction claimed by the respondent for writing off capital work-in-progress as revenue expenditure. The Court agreed with the ITAT's interpretation that the expenses incurred on abandoned projects were routine in nature and did not create new assets, qualifying them as allowable business expenditure. The Court found no error in the ITAT's application of legal precedents and dismissed the appeal, citing a lack of merit and substantial legal questions. Case-Laws Income Tax Wed, 29 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413122