https://www.taxtmi.com/caselaws?id=769733 ITAT Mumbai allowed deduction of expenditure incurred on abandoned project. Assessee was compelled to abandon expansion project due to reasons beyond control and wrote off expenses from 'work in progress' as they would not create usable assets. Tribunal held that abandonment was a commercial decision and tax authorities cannot question wisdom of such decisions. Amount written off was allowable as deduction. AO directed to delete disallowance made under sections 143(1) and 143(3). en-us Tue, 17 Dec 2024 00:00:00 +0530 Thu, 01 May 2025 08:46:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769733 ITAT Mumbai allowed deduction of expenditure incurred on abandoned project. Assessee was compelled to abandon expansion project due to reasons beyond control and wrote off expenses from 'work in progress' as they would not create usable assets. Tribunal held that abandonment was a commercial decision and tax authorities cannot question wisdom of such decisions. Amount written off was allowable as deduction. AO directed to delete disallowance made under sections 143(1) and 143(3). Case-Laws Income Tax Tue, 17 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769733