https://www.taxtmi.com/caselaws?id=775841 The ITAT Delhi upheld the CIT(A)'s decision allowing the assessee's claim of interest expenses as revenue expenditure, rejecting the AO's disallowance based on pre-operative expense treatment since the assessee had commenced business. Additions related to credit card payments and depreciation/amortization were deleted, as these expenses were accounted for by the subsidiary and properly reflected in income computation. The tribunal affirmed the CIT(A)'s allowance of deduction for premium on NCDs, ruling that appellate authorities may entertain claims not made before the AO, and that the premium, akin to interest, was deductible. Regarding carry forward of losses, the AO was directed to examine the assessee's submissions, but no interference was made. Grounds challenging these issues were dismissed except for the direction on loss carry forward. en-us Wed, 04 Jun 2025 00:00:00 +0530 Wed, 30 Jul 2025 18:30:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775841 The ITAT Delhi upheld the CIT(A)'s decision allowing the assessee's claim of interest expenses as revenue expenditure, rejecting the AO's disallowance based on pre-operative expense treatment since the assessee had commenced business. Additions related to credit card payments and depreciation/amortization were deleted, as these expenses were accounted for by the subsidiary and properly reflected in income computation. The tribunal affirmed the CIT(A)'s allowance of deduction for premium on NCDs, ruling that appellate authorities may entertain claims not made before the AO, and that the premium, akin to interest, was deductible. Regarding carry forward of losses, the AO was directed to examine the assessee's submissions, but no interference was made. Grounds challenging these issues were dismissed except for the direction on loss carry forward. Case-Laws Income Tax Wed, 04 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775841