https://www.taxtmi.com/caselaws?id=757538 The ITAT Delhi dismissed the Revenue's appeal regarding disallowance of expenditure claimed by an assessee operating an electricity generation plant. Despite the power purchase agreement being suspended by HPCC since May 2005 following HERC's order, the tribunal held that the assessee could claim revenue expenditure and depreciation. The tribunal agreed with CIT(A) that temporary business suspension was justified, the assessee maintained the plant in running condition for potential resumption, and deemed income declaration was not required until fixed tariff realization. The case involved a pending SC suit regarding tariff payments. en-us Fri, 23 Aug 2024 00:00:00 +0530 Wed, 28 Aug 2024 09:07:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757538 The ITAT Delhi dismissed the Revenue's appeal regarding disallowance of expenditure claimed by an assessee operating an electricity generation plant. Despite the power purchase agreement being suspended by HPCC since May 2005 following HERC's order, the tribunal held that the assessee could claim revenue expenditure and depreciation. The tribunal agreed with CIT(A) that temporary business suspension was justified, the assessee maintained the plant in running condition for potential resumption, and deemed income declaration was not required until fixed tariff realization. The case involved a pending SC suit regarding tariff payments. Case-Laws Income Tax Fri, 23 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757538