https://www.taxtmi.com/caselaws?id=767260 ITAT Delhi ruled on two issues involving a real estate developer. The tribunal allowed the assessee's claim for commission expenses on flat bookings and selling/promotion expenses, following precedent from Hiranandani Palace Gardens case that such indirect expenses are deductible under recognized accounting principles and AS-2/AS-7 standards. However, the tribunal upheld disallowance of loan processing fees, treating them as capital expenditure rather than revenue, citing Bilt Power Ltd. precedent. The assessee failed to establish the revenue nature of loan processing fees. Mixed outcome with expenses allowed but loan fees disallowed. en-us Wed, 12 Feb 2025 00:00:00 +0530 Thu, 13 Mar 2025 08:35:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767260 ITAT Delhi ruled on two issues involving a real estate developer. The tribunal allowed the assessee's claim for commission expenses on flat bookings and selling/promotion expenses, following precedent from Hiranandani Palace Gardens case that such indirect expenses are deductible under recognized accounting principles and AS-2/AS-7 standards. However, the tribunal upheld disallowance of loan processing fees, treating them as capital expenditure rather than revenue, citing Bilt Power Ltd. precedent. The assessee failed to establish the revenue nature of loan processing fees. Mixed outcome with expenses allowed but loan fees disallowed. Case-Laws Income Tax Wed, 12 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767260